Exports up 31.1% y/y in June 2018
In June 2018, exports increased by 31.1% y/y to US$ 308.9mn, imports were up 19.8% y/y to US$ 771.2mn and the trade deficit widened 13.2% y/y to US$ 462.3mn, according to GeoStat.
In June 2018, copper (+30.7% y/y), cars (+130.9% y/y), ferro-alloys (+14.2% y/y), wine (-11.3% y/y) and pharmaceuticals (-3.3% y/y) were the top 5 exported commodities. A 23.3% of exports was directed to the EU (+107.8% y/y), 44.1% to the CIS (+43.1% y/y) and 32.6% to other countries (-4.9% y/y).
In June 2018, petroleum (+51.9% y/y), cars (+45.9% y/y), copper (+75.1% y/y), pharmaceuticals (+7.7% y/y) and phones (-32.4% y/y) represented the top 5 imported commodities.
Overall, in 1H18, the trade deficit was up 20.0% y/y at US$ 2.8bn as exports were up 28.5% y/y to US$ 1.5bn and imports increased by 22.9% y/y to US$ 4.4bn.
Money transfers up 14.8% y/y in June 2018
In June 2018, money transfers increased 14.8% y/y to US$ 135.1mn, after growing 13.0% y/y in the previous month, according to NBG. From major remitting countries, money transfers were up from Italy (+32.2% y/y, 11.5% of total), USA (+16.6% y/y, 10.5% of total), Greece (+19.4% y/y, 10.3% of total), Israel (+27.3% y/y, 9.8% of total) and Turkey (+1.9% y/y, 7.2% of total), while remittances were slightly down from Russia (-0.6% y/y, 29.0% of total). Overall, in 1H18 money transfers were up 18.3% y/y to US$ 744.4mn.
Producer price index up 6.8% y/y in June 2018
Annual PPI for industrial goods was up 6.8% in June 2018, according to GeoStat. Rising prices in manufacturing (+5.1% y/y) and supply of electricity, gas and water (+14.6% y/y) contributed the most to the overall index change.
