Decline in Greek Exports Raises Concerns
In the initial five months of the year, Greek exports saw a significant decrease, causing worry among experts. The total value of exports fell by 4.5% year-on-year to 20.9 billion euros, halting the upward trend that was previously observed.
Rising Trade Deficit Adds to Economic Woes
Adding to the concerns is the growing trade deficit in Greece, a long-standing issue that is now becoming more pronounced. Recent data indicates that the trade deficit is expanding, raising questions about the overall economic outlook for the country in the coming months.
Analysis Reveals Export Decline
An analysis conducted by the Panhellenic Exporters Association and the Center for Export Research and Studies (KEEM) highlighted the reasons behind the decline in exports during the January-May period. The total value of exports dropped from 21.9 billion euros to 20.9 billion euros, mainly due to a decrease in value during the first quarter of the year.
Import Figures Show Marginal Increase
In contrast to the decline in exports, imports in Greece saw a slight increase during the same period. The total value of imports rose by almost 900 million euros or 2.6%, reaching over 35.3 billion euros. This marks a marginal increase from under 34.5 billion euros recorded in the previous year.
Trade Deficit Increases in May 2024
In May 2024, the trade deficit for Greece increased significantly compared to the same period last year. Excluding petroleum products, imports rose by 2.3% to €26 billion, leading to a trade deficit of €14.4 billion, up by 15% from €12.5 billion.
The concerning trend in exports was also noted by the association, with only three out of nine main sectors showing growth in May. There was an increase in oil products (37.1%), food (4.6%), and raw materials (10.3%) compared to the previous year. However, exports of industrial goods (-12.2%), machinery (-18.2%), chemicals (-4.2%), and various industrial goods (-14.8%) saw a decline.
Overall, exports in May 2024 saw a slight increase of €77.1 million or 1.9%, reaching €4.16 billion. On the other hand, imports in May 2024 increased by 6.8% to €7.5 billion, resulting in a trade deficit of €3.39 billion, up by 13.6% from the previous year.
