Trade deficit reduced by 25.0% y/y in March 2019
In March 2019, exports increased by 12.3% y/y to US$ 321.0mn, while imports were down 12.3% y/y to US$ 740.4mn and the trade deficit narrowed 25.0% y/y to US$ 419.5mn, according to GeoStat.
In March 2019, copper (+31.0% y/y), ferro-alloys (+22.5% y/y), cars (+59.9% y/y), pharmaceuticals (+114.5% y/y) and wine (+2.6% y/y) were the top 5 exported commodities. A 24.2% of exports was directed to the EU (+1.1% y/y), 50.3% to the CIS (+26.0% y/y) and 25.5% to other countries (+1.3% y/y).
In March 2019, petroleum (-37.0% y/y), copper (+169.0% y/y), cars (-1.4% y/y), gases (+30.7% y/y) and pharmaceuticals (-6.0% y/y) represented the top 5 imported commodities.
Overall, in 1Q19, the trade deficit was down 14.2% y/y to US$ 1.2bn as exports were up 12.8% y/y to US$ 826.0mn and imports decreased by 4.7% y/y to US$ 2.0bn.
Money transfers up 4.5% y/y in March 2019
In March 2019, money transfers increased 4.5% y/y to US$ 138.4mn, after growing 10.2% y/y in previous month, according to NBG. From major countries, money transfers were up from Italy (+18.5% y/y, 13.7% of total), Greece (+14.3% y/y, 11.5% of total) and USA (+13.0% y/y, 10.7% of total). Meanwhile remittances were down from Russia (-7.5% y/y, 25.6% of total), and Turkey (-23.0% y/y, 6.0% of total). Overall, in 1Q19 money transfers were up 6.5% y/y to US$ 379.5mn.
Producer price index up 5.4% y/y in March 2019
Annual PPI was up 5.4% in March 2019 after increasing 3.3% in previous month. Rising prices in manufacturing (+6.1% y/y) contributed the most to the overall index change. In this category, the price growth was impacted by price increase in food products, beverages and tobacco products (6.9% y/y), basic metals and fabricated metal products (5.9% y/y) and for pulp, paper and paper products (13.6%).
