Olive oil leads Greek ex­port growth in June, while im­ports fall

Kathimerini English - - Focus -

Greek ex­ports ex­clud­ing oil prod­ucts recorded re­mark­able growth of 18 per­cent in June, ac­cord­ing to data pub­lished yesterday by the Hel­lenic Sta­tis­ti­cal Au­thor­ity (ELSTAT). How­ever, this rise came about be­fore cap­i­tal con­trols were in­tro­duced on June 28, and it is there­fore likely that the pic­ture will have changed con­sid­er­ably in July, as ex­porters are al­ready speak­ing of a ma­jor de- cline in out­go­ing com­modi­ties.

ELSTAT fig­ures showed that the to­tal value of ex­ports in­clud­ing fuel prod­ucts came to 2.23 bil­lion eu­ros, against 2.50 bil­lion in July 2014 – rep­re­sent­ing an an­nual de­cline of 10.7 per­cent – but when oil prod­ucts are ex­cluded there was an in­crease of 250.3 mil­lion eu­ros from a year ear­lier. This is be­cause of the 45.2 per­cent drop in oil prod­uct ex­ports in June. Al­most all other ex­port cat­e­gories posted growth of at least 10 per­cent.

Ex­porters’ data show that the big­gest in­crease in per­cent­age terms was for olive oil and other forms of cook­ing oil, amount­ing to 174.3 per­cent, with to­bacco and al­co­hol prod­ucts re­port­ing a 41.8 per­cent rise and ma­chin­ery ex­ports ex­pand­ing by 28.7 per­cent.

Im­ports recorded a de­cline in June that the mar­ket ex­pects to have ac­cel­er­ated con­sid­er­ably in July (pos­si­bly by up to 50 per­cent) due to the cap­i­tal con­trols. The to­tal value of im­ports in June came to 3.7 bil­lion eu­ros from 4.21 bil­lion a year ear­lier, post­ing an an­nual con­trac­tion of 12 per­cent. When oil prod­ucts are ex­cluded, though, the de­cline amounts to just 2.9 per­cent.

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