Exports up 28.0% y/y in April 2017
In April 2017, exports increased 28.0% y/y to US$ 211.6mn, imports were up 6.3% y/y to US$ 591.6mn and the trade deficit narrowed 2.9% y/y to US$ 380.0mn. Overall in 4M17 exports were up 29.7% to US$788.1mn, imports increased 12.7% to US$ 2.3bn and the trade deficit widened 5.5% to US$ 1.5bn.
Increased exports of copper (+38.8% y/y), ferro-alloys (+72.6% y/y), pharmaceuticals (+57.2% y/y) and cars (+14.2% y/y) were the major commodities driving export growth in April 2017.
Petroleum (+39.5% y/y), copper (+184.2% y/y), cars (+1.6% y/y), gases (+8.7% y/y), and pharmaceuticals (-39.3% y/y) represented the top 5 imported commodities in April 2017.
Producer price index down 1.3% m/m and up 9.0% y/y in April 2017
PPI for industrial goods decreased 1.3% m/m in April 2017, according to GeoStat. A 1.3% price decrease for manufacturing contributed the most to the overall index change as prices were down for manufacture of basic metals and fabricated metal products (-4.7% m/m) and manufacture of food products, beverages and tobacco (-0.8% m/m).
Annual PPI was up 9.0% in April 2017. Rising prices in manufacturing (+8.6% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+9.4% y/y) and for mining and quarrying (+14.4% y/y).
Money transfers up 11.6% y/y in April 2017
In April 2017, money transfers increased 11.6% y/y to US$ 105.8mn after growing 23.5% y/y in previous month, according to NBG. Money transfers were up from almost all major remitting countries: Russia (+12.1% y/y, 33.4% of total), USA (+12.8% y/y, 10.5% of total), Italy (+3.0% y/y, 9.6% of total), Israel (+92.4% y/y, 8.5% of total) and Turkey (+19.2% y/y, 8.1% of total), while transfers were down from Greece (-6.6% y/y, 10.4% of total). In 4M17 money transfers were up 19.3% y/y to US$ 395.9mn.
