Trade deficit slows down

Financial Mirror (Cyprus) - - FRONT PAGE -

After a dou­ble-digit rise in the pre­ced­ing four months, the rate of in­crease in Greece’s trade deficit de­cel­er­ated to 7.4% in June from 21.9% in May, ac­cord­ing to the Hel­lenic Sta­tis­ti­cal Au­thor­ity (ELSTAT).

In ab­so­lute num­bers, the head­line fig­ure reached 1.73 bln euros in June, which was slightly lower than that in May (1.72 bln).

The move­ment in June re­flects an in­crease in ex­ports and im­ports by 11.3 and 9.7%, re­spec­tively.

The growth rate in ex­ports is the high­est read­ing this year and the sec­ond pos­i­tive read­ing in the first half of the year, after the mod­est 1.4% posted in March. June ex­ports stood at 2.46 bln euros.

Im­ports north for month at 4.19 bln in June. The monthly growth rate of 9.7% is the high­est read­ing in the first half of the year and the fourth pos­i­tive read­ing so far in 2014.

Ex­clud­ing the im­pact of oil prod­ucts, ex­ports slightly dropped by 0.8%, while im­ports rose at a dou­ble-digit rate (+14.9%). As a re­sult, the re­spec­tive trade deficit showed a marked rise of 32.6%, sig­nif­i­cantly higher than the head­line fig­ure of 7.4%.

The first half fig­ures showed the trade deficit rose by 9.6% to 10.61 bln euros. The move­ment re­flects a 4.6% drop in ex­ports and a mod­est rise of 1.2% in im­ports. In ab­so­lute num­bers, ex­ports fell to 13.13 bln, while im­ports reached 23.74 bln.

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