ECONOMY

Global trade wars hurt export growth

global-trade-wars-hurt-export-growth

Greek exports rose 2.2 percent to 16.82 billion euros in the first half of 2019 compared to the same period in 2018, data from the country’s independent statistics authority ELSTAT show.

This represents a slowdown in growth compared to previous years.

More worryingly, in June 2019 alone, exports dropped 9 percent, to 2.76 billion, compared to June 2018.

This drop was more than offset by a 14.5 percent drop in imports during June, the bulk of which concerns petroleum products.

Thus, Greece’s trade deficit actually declined in June, but it is obvious that trade has been hit by the global trade wars involving mainly China, Iran and the US.