Soaring August exports point to a record year

Greek exports jumped 70.4% in August, moving toward a new record for the year, the Panhellenic Exporters Federation said on Friday. 

In a report, the federation said that Greek exports were moving towards a new record with the value of exports totaling 35.79 billion euros in the January-August period, approaching the level of €39.3 billion in the whole of 2021. 

However, enthusiasm is curbed by a 52.9% jump in imports and a 29.9% widening of the trade deficit during the same period. 

The report said that the oil products-fuel sector recorded the biggest percentage increase (153.5%) in August, followed by industrial products (35.2%), food (29.9%), chemicals (26.7%), machinery (38.4%), alcohol and tobacco (16.6%) and oils (40.2%). Only the raw materials sector fell (-13.8%). 

However, excluding oil products, exports grew by 35.2%. On the other hand, imports grew 52.5% to €7.69 billion, while excluding oil products imports grew by 26.6%. 

The country’s trade deficit widened by 29.9% to €2.9 billion, while excluding oil products the trade deficit rose 17.2% to €2.01 billion. Exports in the January-August period grew by 43.2% to €35.79 billion, while excluding oil products exports rose 24.6%.

Imports totaled 19.73 billion, up 49.7%, while excluding oil products imports grew 31.5%. The trade deficit jumped 60.5% to €23.66 billion, while excluding oil products, the deficit rose by 42.1%.