Pressures on Greek exports eased in April but the country’s external trade was seeking stability, the Panhellenic Exporters Association said in a report released on Wednesday.
An analysis of provisional trade data offered by Hellenic Statistical Authority showed that the value of exports fell 3.8 pct to 2.1 billion euros in April, but excluding oil products, the value of exports grew 2.2 pct in the month. This development helped four-month exports to ease by 7.5 pct to 7.81 billion euros, from 8.46 billion last year, although excluding oil products the value of exports grew 0.5 pct in the January-April period.
Christina Sakellaridi, president of the Association, said that “Greek exports course reflected largely the fragile balance prevailing in the market, in anticipation of the stabilization of the economy and lifting of uncertainties regarding the implementation of reforms in the country”. She added that a forthcoming vote in Parliament on a new development law and expectations that the country’s creditors will release a long-awaited loan tranche offered the country another chance to move forward. A basic precondition, however, was to immediately begin repayment of the state’s debt to the private sector and to unlock all large investment plans related with the exploitation of state assets, she added.
Exports to third countries fell 10.1 pct in April, while exports to EU member-states rose 1.3 pct, while excluding oil products, exports to Third countries eased 1.0 pct and exports to EU rose 3.8 pct. Six product categories recorded declines in exports in April, compared with April 2015, while only four recorded increases. Food exports grew 9.7 pct, raw materials rose 6.9 pct, machinery jumped 13.1 pct and industrial products rose 18.4 pct. On the other hand, alcohol/tobacco fell 4.0 pct, oil products fell 18.4 pct, olive oil dropped 15.7 pct and confidential products fell 26.1 pct.
The Association said that imports rebounded in April, to 4.12 pct, up 7.1 pct from the same month last year, while excluding oil products imports grew 26.5 pct. In the four-month period, Greek imports fell 3.7 pct to 14.34 billion euros, while excluding oil products imposed grew 9.6 pct.
As a result, the country’s trade deficit grew 1.4 pct to 6.51 billion euros in the January-April period, while excluding oil products, the trade deficit jumped 20.8 pct.
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