ECONOMY

Exports post 6.7 percent growth in July year-on-year

Greek exports returned to growth in July after posting a major decline in June, Hellenic Statistical Authority (ELSTAT) figures revealed on Monday.

Taking the last 12 months (August 2012 – July 2013) into account, there was a significant 12 percent rise from the previous 12 months when oil products are included.

The ELSTAT estimates showed total exports – including oil products – amounting to 2.22 billion euros in July, up 6.7 percent from July 2012. Nevertheless, excluding oil products, there was a 6.3 percent reduction year-on-year.

Olive oil exports increased by 42.7 percent, fuel grew by 37.2 percent, and tobacco products and beverages added 20.6 percent. The biggest rise however was in technology and defense commodities, amounting to 118.3 percent on an annual basis.

Imports also increased in July, adding 2.2 percent year-on-year to reach 3.9 billion euros, ending four months of contraction.