Trade deficit slows down
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.