Exports up by 70.0% y/y in April 2021
In April 2021, exports surged by 70.0% y/y to US$ 378.1mn after increasing by 30.6% y/y in previous month. Notably, exports were also up by 21.6% compared to April 2019 level. Imports also increased by 56.5% y/y to US$ 749.1mn, after growing 18.5% y/y in previous month. As a result, trade deficit widened by 44.8% y/y to US$ 371.0mn in April.
In April 2021, copper (+88.5% y/y), cars (+460.9% y/y), ferro-alloys (-17.5% y/y), wine (+104.0% y/y) and spirits (+84.5% y/y) were the top 5 exported commodities. A 14.5% of exports were directed to the EU (+28.2% y/y), 44.1% to the CIS (+78.7% y/y) and 41.4% to other countries (+81.5% y/y).
Petroleum (+161.7% y/y), cars (+86.3% y/y), copper (-18.8% y/y), pharmaceuticals (-2.7% y/y) and gases (-12.2% y/y) represented the top 5 imported commodities in April 2021.
Overall in 4M21, trade deficit was up by 3.6% y/y to US$ 1.5bn, as exports increased by 19.6% y/y to US$ 1.2bn and imports increased by 10.1% y/y to US$ 2.7bn.
Money transfers up by 145.4% y/y in April 2021
In April 2021, money transfers surged by 145.4% y/y to US$ 194.1mn, after growing 49.5% y/y in previous month, according to NBG. Notably, remittances were also up by 41.5% compared to April 2019 level. From major remitting countries, money transfers increased strongly from Russia (+154.3% y/y, 17.2% of total), Italy (+137.4% y/y, 16.3% of total), USA (+155.4% y/y, 12.8% of total), Greece (+114.2% y/y, 11.2% of total) and Israel (+125.4% y/y, 8.0% of total). Overall, in 4M21 money transfers were up 48.2% y/y to US$ 693.4mn.
Producer price index up 17.5% y/y in April 2021
Annual PPI for industrial goods was up 17.5% in April 2021 from 15.5% in previous month, according to Geostat. Price changes in manufacturing (+16.7% y/y) and electricity, gas, steam and air conditioning (+19.8% y/y) contributed the most to the overall index change.
Unemployment rate up by 3.7ppts y/y to 21.9% in 1Q21
Unemployment rate increased by 3.7ppts to 21.9% in 1Q21, according to Geostat. Out of employed persons, the share of hired labor declined by 1.3ppts y/y and accounted for 69.3% of total, while share of self-employed persons increased by 1.2ppts y/y to 30.6% of total.
