Exports up 33.1% y/y in March 2018
In March 2018, exports increased 33.1% y/y to US$ 293.9mn, imports were up 34.7% y/y to US$ 837.7mn and the trade deficit widened 35.6% y/y to US$ 543.7mn, according to GeoStat.
In March 2018, copper (+9.3% y/y), ferro-alloys (+28.8% y/y), cars (+69.3% y/y), waters (+151.6% y/y) and wine (+39.4% y/y) were the top 5 exported commodities. A 26.2% of exports was directed to the EU (+32.9% y/y), 43.6% to the CIS (+70.2% y/y) and 30.3% to other countries (+1.4% y/y).
In March 2018, petroleum (+51.0% y/y), mixed goods (59.4x higher y/y), cars (-4.8% y/y), pharmaceuticals (+32.1% y/y) and gases (-9.6% y/y) represented the top 5 imported commodities.
Overall, in 1Q18, the trade deficit was up 18.1% y/y at US$ 1.3bn as exports were up 28.4% y/y to US$ 740.3mn, while imports increased 21.6% y/y to US$ 2.1bn.
Producer price index down 0.9% m/m and up 6.5% y/y in March 2018
PPI for industrial goods was down 0.9% m/m in March 2018, according to GeoStat. A 0.9% price decrease for manufacturing contributed the most to the overall index change. Annual PPI was up 6.5% in March 2018. Rising prices in manufacturing (+5.5% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+12.1% y/y).
Money transfers up 17.0% y/y in March 2018
In March 2018, money transfers increased 17.0% y/y to US$ 131.1mn, after growing 21.0% y/y in previous month, according to NBG. Money transfers were up from almost all major remitting countries: Italy (+39.7% y/y, 11.9% of total), Greece (+19.0% y/y, 10.5% of total), USA (+10.6% y/y, 9.9% of total), Israel (+50.7% y/y, 9.9% of total) and Turkey (+15.0% y/y, 8.1% of total). Meanwhile remittances were slightly down from Russia (-0.5% y/y, 29.1% of total). Overall, in 1Q18 money transfers were up 22.4% y/y to US$ 355.0mn.
