Exports up 36.4% y/y in March 2017
In March 2017, exports increased 36.4% y/y to US$ 220.8mn, imports were up 12.0% y/y to US$ 618.4mn, and the trade deficit widened 1.9% y/y to US$ 397.6mn according to GeoStat. In 3M17, trade deficit was up 8.3% y/y to US$ 1.1bn, as imports were up 14.9% y/y to US$ 1.7bn and exports were up 30.3% y/y to US$ 0.6bn.
Increased exports of copper (+49.7% y/y), ferro-alloys (+67.0% y/y), cars (+8.7% y/y) and wine (+66.5% y/y) were the major commodities driving strong export growth in March 2017. 26.2% of exports were directed to the EU (+73.7% y/y), 34.1% to the CIS (+37.3% y/y), and 39.7% to other countries (+18.9% y/y).
Petroleum (+69.9% y/y), cars (+23.1% y/y), gases (+58.6% y/y), pharmaceuticals (+6.9% y/y), and copper (-54.7% y/y) represented the top 5 imported commodities in March 2017.
Producer price index down 1.4% m/m and up 9.1% y/y in March 2017
PPI for industrial goods decreased 1.4% m/m in March 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 food products, beverages and tobacco (-1.5% m/m), and basic metals and fabricated metal products (-1.0% m/m).
Annual PPI was up 9.4% in March 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 (+10.6% y/y) and for mining and quarrying (+12.6% y/y).
NBG Purchased USD$ 9.75mn
On April 18, 2017, the NBG intervened on the FX market and purchased USD$ 9.75mn to curb appreciation of the national currency. This was second intervention since the start of the year.
