Trade deficit decreased by 19.2% y/y in June 2019
In June 2019, exports were flat y/y at US$ 307.2mn, imports decreased by 11.7% y/y to US$ 688.0mn and the trade deficit narrowed 19.2% y/y to US$ 380.7mn, according to Geostat. In June 2019, cars (+32.3% y/y), copper (-23.8% y/y), ferro-alloys (+24.2% y/y), wine (-1.0% y/y) and pharmaceuticals (+17.7% y/y) were the top 5 exported commodities. A 21.4% of exports were directed to the EU (-9.0% y/y), 54.1% to the CIS (+22.2% y/y) and 24.5% to other countries (-24.4% y/y).
In June 2019, petroleum (-11.1% y/y), cars (-13.7% y/y), copper (-34.4% y/y), pharmaceuticals (-3.9% y/y) and phones (+29.5% y/y) represented the top 5 imported commodities.
Overall, in 1H19, the trade deficit was down 14.2% y/y to US$ 2.4bn as exports were up 11.5% y/y to US$ 1.8bn and imports fell 4.9% y/y to US$ 4.2bn.
Money transfers up 6.3% y/y in June 2019
In June 2019, money transfers increased 6.3% y/y to US$ 143.6mn, after growing 11.8% y/y in the previous month, according to NBG. From major remitting countries, money transfers were up from Italy (+24.0% y/y, 13.4% of total), Greece (+23.1% y/y, 11.9% of total), USA (+7.5% y/y, 10.6% of total) and Israel (+0.7% y/y, 9.3% of total). Meanwhile remittances continued to decline from Russia (-11.3% y/y, 24.2% of total) and Turkey (-23.3% y/y, 5.3% of total). Overall, in 1H19 money transfers were up 8.0% y/y to US$ 806.1mn.
Producer price index up 6.4% y/y in June 2019
Annual PPI for industrial goods was up 6.4% in June 2019, according to Geostat. Price changes in manufacturing (+8.8% y/y) and supply of electricity, gas and water (-8.6% y/y) contributed the most to the overall index change.
