Exports enjoyed double-digit growth in first half of year

Exports enjoyed double-digit growth in first half of year

Greek exports enjoyed double-digit growth in June and also in the first six months of the year, data from the Hellenic Statistical Authority (ELSTAT) data has shown.

Expressing optimism that the rising trend will continue for the export sector for the rest of the year, the Panhellenic Exporters Association said it was encouraging to see the reduction in the trade deficit in the first six months of the year even though it increased significantly in June.

ELSTAT data released on Tuesday showed that exports amounted to around 3 billion euros (including fuel products) in June, recording annual growth of 24.8 percent. Excluding fuel, they reached 1.99 billion against 1.78 billion in June 2017, an 11.8 percent increase.

In the first half of the year, exports amounted to 16.44 billion, up 15.7 percent on last year’s figures. Excluding fuel products, the figure came to 10.98 billion, up 12.7 percent yearly. At the same time imports (excluding fuel) dropped 1.6 percent.

Nine of the top ten product categories saw an increase in exports, ranging from 6.8 to 35.7 percent in the first six months of the year. The only category to experience a fall was beverages and tobacco, which slipped 1.2 percent.

June recorded a significant increase in imports. Excluding fuel products, the value of imports in June stood at 3.38 billion, an increase of 12 percent. With fuel products factored in, imports stood at 4.97 billion, an increase of 27.1 percent.

The total value of imports in the first six months of the year amounted to 26.69 billion, up 4.5 percent. Excluding fuel products, imports were up 8 percent on the same period last year.

Including fuel, the trade deficit jumped 30.9 percent in June 2018 compared to the same month last year. Overall, however, the trade deficit decreased by 9.1 percent to reach 10.52 billion, compared to the 11.58 billion recorded in the first half of last year.

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