Exports up 16.6% y/y in August 2018
In August 2018, exports increased by 16.6% y/y to US$ 275.6mn, imports were up 8.3% y/y to US$ 761.1mn and the trade deficit widened 4.1% y/y to US$ 486.5mn, according to GeoStat.
In August 2018, copper (+28.9% y/y), cars (+96.8% y/y), ferro-alloys (-10.8% y/y), wine (+9.0% y/y) and cigarettes (+327.3% y/y) were the top 5 exported commodities. A 13.9% of exports was directed to the EU (-38.3% y/y), 55.4% to the CIS (+47.2% y/y) and 30.7% to other countries (+19.8% y/y).
In August 2018, petroleum (+41.5% y/y), cars (+30.6% y/y), copper (-10.1% y/y), pharmaceuticals (+7.9% y/y) and cigarettes (+189.2% y/y) represented the top 5 imported commodities.
Overall, in 8M18, the trade deficit was up 17.9% y/y at US$ 3.8bn as exports were up 27.1% y/y to US$ 2.1bn and imports increased by 21.0% y/y to US$ 6.0bn.
Money transfers up 11.4% y/y in August 2018
In August 2018, money transfers increased 11.4% y/y to US$ 135.6mn, after growing 19.3% y/y in the previous month, according to NBG. From major remitting countries, money transfers were up from Russia (+2.9% y/y, 30.6% of total), Italy (+28.2% y/y, 12.0% of total), USA (+16.4% y/y, 11.0% of total), Israel (+20.3% y/y, 9.6% of total) and Greece (+9.8% y/y, 9.3% of total), while remittances were down from Turkey (-25.6% y/y, 5.4% of total). Overall, in 8M18 money transfers were up 17.5% y/y to US$ 1.0bn.
Producer price index up 6.6% y/y in August 2018
Annual PPI for industrial goods was up 6.6% in August 2018, according to GeoStat. Rising prices in manufacturing (+5.8% y/y) and supply of electricity, gas and water (+14.1% y/y) contributed the most to the overall index change.
NBG purchased US$ 10.0mn
On September 19, 2018, the NBG intervened on the FX market and purchased US$ 10.0mn. Overall, during April-September 2018, the NBG purchased US$ 102.5mn on its 9 FX auctions.
