Exports fall 4.5% in January-May
The upward trend of Greek exports stopped in the year’s first five months, falling by 4.5% year-on-year to 20.9 billion euros.
At the same time, the latest data show that the trade deficit – one of the Greek economy’s main problems – is swelling, which is causing serious concern about its course this year.
According to an analysis by the Panhellenic Exporters Association and the Center for Export Research and Studies (KEEM), between January and May exports decreased from €21.9 billion last year due to of their decline in value during the first three months of this year.
Excluding oil products, exports during the first five months of 2024 again declined to €14.7 billion from €15.3 billion last year. In other words, they showed a reduction of about 4%.
On the other hand, that is not the case with imports, which marked a marginal increase in January-May, by almost €900 million or 2.6%, with their total value exceeding €35.3 billion, from under €34.5 billion in the same period last year. Excluding petroleum products, imports increased by 2.3% to €26 billion.
The trade deficit over the above period increased by €1.88 billion or 15% to €14.4 billion, from €12.5 billion. Even without fuel this is up 11.9%. The concern expressed by the association also stems from the performance of Greek exports in May, when there was an increase in only three out of nine main sectors. Growth was recorded in oil products (37.1%), food (4.6%) as well as raw materials (10.3%) compared to last May. However, exports of industrial goods (-12.2%), machinery (-18.2%), chemicals (-4.2%) and various industrial goods (-14.8%) recorded a contraction.
However, overall in May 2024 exports increased slightly by €77.1 million or 1.9%, reaching €4.16 billion.
Imports in May 2024 increased by 6.8% and reached 7.5 billion euros, so the trade balance in May was in deficit, which increased by €404.7 million or 13.6% to €3.39 billion, from €2.99 billion in May 2023.
