• Trade deficit down 18.9% y/y in March 2016
  • In March 2016, exports decreased 9.5% y/y to US$ 161.9mn, imports fell 16.4% y/y to US$ 565.8mn, and the trade deficit narrowed 18.9% y/y to US$ 403.8mn, according to GeoStat. Reduced car re-exports (-14.4% y/y) and copper  exports (-14.6% y/y) were the major commodities weighing on export growth, while ferro-alloys (+21.6% y/y), nuts (+11.0% y/y), fertilizers (+39.7% y/y), wine (+18.7% y/y), gold (+25.2% y/y), and spirituous beverages (+26.7% y/y) posted increases in March.
  • Gases (-22.1% y/y), cars (-34.9% y/y), copper ores (+148.7% y/y), petroleum (-43.2% y/y), and pharmaceuticals (-19.0% y/y) represented the top 5 imported commodities in Mach 2016.
  • NBG bought US$ 30mn
  • NBG intervened on the FX market with a purchase of US$ 10mn and US$ 20mn on April 20 and April 21, 2016 respectively. Overall, NBG’s intervened 5 times this year on the purchasing side (total purchase of US$ 55mn YTD), aimed at curbing the appreciation of the national currency, which strengthened 1.5% w/w and 6.8% YTD against the US$.