Trade deficit down 13.3 y/y in November 2018
In November 2018, exports increased by 19.6% y/y to US$ 283.3mn, while imports were down 3.1% y/y to US$ 738.0mn and the trade deficit narrowed 13.3% y/y to US$ 454.7mn, according to GeoStat.
In November 2018, cars (+72.2% y/y), copper (+40.4% y/y), wine (+2.6% y/y), ferro-alloys (-42.4% y/y) and cigarettes (+134.6% y/y) were the top 5 exported commodities. A 20.9% of exports was directed to the EU (+21.1% y/y), 62.0% to the CIS (+47.5% y/y) and 17.1% to other countries (-29.6% y/y).
In November 2018, petroleum (+4.5% y/y), copper (+16.1% y/y), cars (-17.6% y/y), gases (-5.8% y/y) and pharmaceuticals (-11.9% y/y) represented the top 5 imported commodities.
Overall, in 11M18, the trade deficit was up 13.0% y/y at US$ 5.3bn as exports were up 24.0% y/y to US$ 3.0bn and imports increased by 16.8% y/y to US$ 8.3bn.
Producer price index up 2.8% y/y in November 2018
Annual PPI growth for industrial goods fell to 2.8% in November 2018, from 5.9% in previous month according to GeoStat. Rising prices in manufacturing (+1.8% y/y) and supply of electricity, gas and water (+12.3% y/y) contributed the most to the overall index change.
NBG purchased US$ 15.0mn
On 19 December 2018, the NBG intervened on the FX market and purchased US$ 15.0mn. Overall, during Apr-Dec 2018, the NBG purchased US$ 177.5mn on its 16 FX auctions.
