ECONOMY

Notable growth in exports to Black Sea states

Greek exports to Black Sea countries posted greater growth over other markets in the first four months of 2010, illustrating that this region of 322 million consumers contains strong potential for products made in Greece. Provisional data by the Hellenic Statistical Authority (ELSTAT) reveal that in the January-to-April period this year, compared to the same period last year, Greek exports to the countries of the Organization of the Black Sea Economic Cooperation posted 8.3 percent growth, reaching 1.017 billion euros. The growth in Greek exports to all countries for the same period came to just 2.1 percent. This rise is due to the increase in exports to Turkey (35.4 percent) and Russia (27.2 percent). As far as imports from the Black Sea countries are concerned, these showed a considerable decline in value in the first four months of 2010, dropping to 1.319 billion euros from 1.912 billion euros last year. Greek imports in total posted a 15.8 percent contraction. In addition, the trade balance with the region remains negative but has dropped to 301 million euros in the aforementioned period from 972 million euros in January-April 2009.