Ex­ports jump in May, but so does trade deficit

Kathimerini English - - Focus -

Greek ex­ports posted an im­pres­sive in­crease in May, grow­ing 25.3 per­cent com­pared to May 2016 to reach 2.56 bil­lion eu­ros in­clud­ing fuel prod­ucts and ship val­ues.

How­ever, the trade deficit posted a con­cern­ing rise, as in the first five months of the year it amounted to 10 bil­lion eu­ros, com­pared with 8 bil­lion in the same pe­riod of 2016, ac­cord­ing to of­fi­cial data re­leased yes­ter­day.

Al­most all ex­port cat­e­gories recorded an in­crease, with olive oil be­ing the sole ex­cep­tion due to low pro­duc­tion. The com­par­i­son is fa­vored by the drop recorded in May 2016, amount­ing to 11.6 per­cent in re­la­tion to May 2015.

A large por­tion of Greek en­ter­prises has turned to ex­ports in order to off­set their losses from the drop in do­mes­tic con­sump­tion. But the growth in im­ports il­lus- trates the con­sid­er­able deficit mainly in raw ma­te­ri­als that man­u­fac­tur­ing com­pa­nies are forced to im­port for their op­er­a­tions.

Im­ports in May reached 4.29 bil­lion eu­ros, up 20.6 per­cent from a year ear­lier, while ex­clud­ing fuel prod­ucts and ships an­nual growth amounts to 12.5 per­cent. The trade deficit in May came to 1.73 bil­lion eu­ros, post­ing a 14.2 per­cent yearly in­crease.

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