Trade deficit grows 9.5 pct in Jan-May

Greece’s trade deficit recorded a 9.5 percent increase in the January-May period this year compared with the first five months of 2013, data compiled by the Hellenic Statistical Authority (ELSTAT) revealed on Friday. Imports posted a small decline, but this was dwarfed by the drop in exports, which upset the trade balance.

ELSTAT figures showed that imports amounted to 19.5 billion euros in the year to end-May, down from 19.6 billion a year earlier – i.e. a 0.7 percent drop. When oil products are not factored in there was an increase of 7.5 percent.

The value of exports came to 10.6 billion euros against 11.5 billion in January-May 2013, amounting to a decline of 7.8 percent. Not including oil products, the drop came to 4.9 percent.

On that data the deficit in the trade balance reached 8.8 billion euros at end-May, up from 8 billion a year earlier, while if oil products are not included the growth amounts to 1.2 billion euros, or 23.7 percent. In May alone exports fell by 2.2 percent compared to May 2013, while imports posted a 2.8 percent increase from 12 months earlier, leading to a 21.9 percent increase in the trade deficit year-on-year.