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Greek exports wrapped in optimism

The trade deficit declined considerably in February 2018 by -16.6%, to €1.72bn from €2.06bn in the corresponding month of 2017

The positive climate in Greek exports is maintained, as after a very good beginning in 2018, their momentum remained unaltered in February, too.  The particularly encouraging proof of it is the reduction of the trade deficit, which is gradually reduced.

In particular, according to an analysis by the Pan-Hellenic Exporters’ Association and the Center for Export Research and Studies (KEEM), the exports of oil products in February 2018 increased by 14.6% to 2.41 billion from € 2.10 billion in the corresponding period of 2017. Even if oil products are not calculated, again, exports were on the rise. More specifically, they rose by 14% or € 207.7 million to € 1.69 billion from € 1.48 billion in 2017.

On the other hand, imports fell by 0.8%, reaching a total of € 4.13 billion, compared to € 4.17 billion in the same month of 2017. Leaving petroleum products out, then too imports increased, reaching € 3.14 billion from € 3.12 billion, or € 21.3 million or 0.7%.

As a result of the above, the trade deficit declined considerably in February 2018 by -16.6%, to € 1.72 billion from € 2.06 billion in the corresponding month of 2017. Without oil, the trade deficit decreased to € 1.45 billion from € 1.63 billion, ie € 186.4 million, or -11.4%.

The picture between January and February 2018 is similar. Exports rose by 16.5% to € 4.95 billion from € 4.25 billion, while excluding oil products rose to € 3.39 billion from € 2, 91 billion, or € 483.9 million or 16.6%.

Imports between January and February were marginally strengthened by 0.2%, with a total value of € 8.65 billion compared to € 8.63 billion in the same month of 2017. Excluding petroleum products, imports decreased to € 6.26 billion from € 6.61 billion, or € 353.2 million or -5.3%.

Consequently, the trade deficit fell significantly by 15.5% in the first two months of 2018, to € 3.71 billion from € 4.38 billion in the corresponding month of 2017. Without the mineral oil, the trade deficit decreased to € 2.87 billion from € 3.71 billion, or € 837.1 million, or -22.6%.

Source: Giannis Agouridis/balkaneu