ECONOMY

Imports from Germany soar 8 pct in Q1

imports-from-germany-soar-8-pct-in-q1

Italy and Germany are Greece’s two biggest trade partners based on the sum of all Greek exports, accounting for 14.40 percent and 9.69 percent respectively, a report by the Economic and Commercial Affairs Bureau of the Greek Embassy in Berlin showed on Tuesday.

In terms of imports, Germany is by far the main origin of commodities coming to Greece (excluding fuel products), accounting for 15.25 percent of the total. Italy ranks second on 10.93 percent and China is third on 9.33 percent.

The report also underscored the quality of bilateral commercial relations between Greece and Germany. For a long time Germany was Greece’s No 1 trade partner, but after 2011 it slumped behind Italy in exports, with brief spells such as the first quarter of 2014 when it reverted to the top spot.

In the January-March 2015 period Greek exports to Germany recorded a 1.3 percent year-on-year decline, reaching 432 million euros from 438 million a year earlier. However, Greek imports from Germany posted a remarkable 8 percent annual increase in Q1 this year, coming to 1.24 billion euros against 1.15 billion in 2014.