Trade deficit down 3.0% y/y excluding one-offs in 7M16
In July 2016, exports decreased 7.2% y/y to US$ 173.6mn, imports were up 2.8% y/y to US$ 596.2mn (excluding one-offs), and the trade deficit was up 7.5% y/y to US$ 422.6mn according to GeoStat. Reduced fertilizer exports (-57.3% y/y) and pharmaceutical exports (-51.9% y/y) were the major commodities weighing on export growth in July 2016, while copper ores (+19.0% y/y), cars (+4.8% y/y), ferro-alloys (+32.7% y/y), nuts (+456.4% y/y), wine (+17.1% y/y), and gold (+34.5% y/y) posted increases.
Petroleum (-5.1% y/y), cars (+9.1% y/y), copper ores (+182.6% y/y), telephones (+51.7% y/y), and gases (-25.2% y/y) represented the top 5 imported commodities in July 2016.
In 7M16, trade deficit was down 3.0% y/y to US$ 2.7bn, excluding one-offs, as imports were down 5.6% y/y to US$ 3.87bn and exports fell 11.5% y/y to US$ 1.12bn.
Money transfers up 10.4% y/y in July 2016
In July 2016, money transfers increased 10.4% y/y to US$ 100.7mn after growing 0.1% y/y in previous month, according to NBG. Reduced remittances from Russia (-14.3% y/y, 37.4% of total) was the only major country negatively affecting growth of remittances. Money transfers were up from all other remitting countries: USA (+33.1% y/y), Greece (up 13x y/y due to last year’s low base), Italy (+9.4% y/y), Turkey (+13.7% y/y), Israel (+71.0% y/y), and Spain (+17.9% y/y). Overall, money transfers were flat y/y reaching US$ 626.0mn in 7M16.
Producer price index down 2.3% y/y and up 1.5% m/m in July 2016
PPI for industrial goods increased 1.5% m/m in July 2016, according to GeoStat. A 1.5% price increase for manufacturing contributed the most to the overall index change. In this section prices were up for manufacture of basic and fabricated metals (+9.9% m/m). Prices were also up for mining and quarrying (+7.5% m/m).
Annual PPI was down 2.3% in July 2016. Falling prices in manufacturing contributed the most to the overall index change (-5.4% y/y, -4.57ppts) as prices were down for manufacture of food products, beverages and tobacco (-3.7% y/y), manufacture of chemical products (-16.1% y/y), and manufacture of basic and fabricated metals (-6.7% y/y). Meanwhile, supply of electricity, gas and water prices were up 19.4% y/y.
