Trade deficit nearly halved in April 2020
In April 2020, exports decreased by 27.4% y/y to US$ 223.2mn, imports fell by 38.5% y/y to US$ 458.0mn and the trade deficit narrowed by 46.3% y/y to US$ 234.8mn according to Geostat’s preliminary figures. In 4M20, trade deficit was down 10.6% to US$ 1.5bn as exports decreased by 11.7% y/y and imports were down 11.1% y/y. Detailed foreign trade statistics will be available on May 19, 2020.
Money transfers decreased by 42.3% y/y in April 2020
In April 2020, money transfers declined by 42.3% y/y to US$ 79.1mn amid lockdown in donor countries, after decreasing 9.0% y/y in previous month, according to NBG. From major countries, money transfers were down from Italy (-27.5% y/y, 16.9% of total), Russia (-61.8% y/y, 16.6% of total), Greece (-37.9% y/y, 12.8% of total), USA (-33.6% y/y, 12.3% of total) and Israel (-48.4% y/y, 8.7% of total). Meanwhile remittances were up from Azerbaijan (+39.5% y/y, 3.1% of total). Overall, in 4M20 money transfers were down 9.4% y/y to US$ 467.9mn.
