ECONOMY

Non-fuel exports retain growth course in October

non-fuel-exports-retain-growth-course-in-october

Greek exports are showing remarkable resilience in the face of the pandemic, growing 4.1% in October on an annual basis (excluding fuel products), according to Hellenic Statistical Authority (ELSTAT) data analyzed by the Panhellenic Exporters Association.

Exports amounted to 2.21 billion euros, up from €2.12 billion a year earlier.

The sectors that outperformed were chemicals (up 16.7%), food and livestock (12.6%) and industrial products (14.7%).

When fuel products – that slumped 38.9% – are factored in though, exports posted a yearly decline of €228.5 million or 7.9% to reach €2.68 billion, against €2.91 billion in October 2019.

There was also a significant decline on the imports side, which shrank by €830.7 million or 16.9% year-on-year to reach €4.08 billion.

Consequently the trade deficit declined by 30% or €364.6 million on an annual basis in October to €1.4 billion, against €2.01 billion in October 2019.

Without the major influence of fuel included, Greek exports in the year’s first 10 months managed to grow despite the pandemic: They increased by 1.8% or €346.8 million to reach €19.66 billion, from €19.32 billion in January-October 2019.