Exports grow, trade deficit shrinks in H1

Greek exports rose 15.6 percent and the trade deficit contracted by 10 percent in the first half of the year, an analysis of provisional Hellenic Statistical Authority (ELSTAT) data carried out by the Panhellenic Exporters Association (PSE) has shown.

PSE found that exports including fuel in the January-June period grew by 2.2 billion euros to 16.2 billion, against 14 billion euros in the same period last year. Excluding fuel, they rose 1.23 billion euros to 10.8 billion from 9.6 billion in January-June 2017, an increase of 12.8 percent.

As a result of this improved performance, the trade deficit shrank by 10 percent (1.12 billion euros) in the first half of this year to 10.05 billion euros against 11.17 billion in the same six-month period last year. Excluding fuel, the trade deficit contracted from 9.6 billion to 7.9 billion euros year-on-year, representing a drop of 17.7 percent or 1.7 billion euros.

Italy was the biggest recipient of Greek goods in the first half of this year, followed by Turkey, which had stood in fourth place last year. The top six is completed by Germany, Cyprus, Bulgaria and Lebanon, with the latter representing Greece’s best client in terms of export value in the Middle East and North Africa.