Exports up 44.7% y/y in January 2017
In January 2017, exports increased 44.7% y/y to US$ 176.8mn, imports were up 15.4% y/y to US$ 473.9mn, and the trade deficit widened 2.9% y/y to US$ 297.1mn according to GeoStat. Increased exports of ferro-alloys (+611.0% y/y), copper (+34.0% y/y), wine (+98.1% y/y), pharmaceuticals (+97.1% y/y), and spirituous beverages (+125.8% y/y) were the major commodities positively affecting exports growth in January 2017, while hazelnuts (-49.2% y/y), and cars (-10.4% y/y) exports decreased.
Gases (+0.6% y/y), cars (-15.6% y/y), petroleum (-27.7% y/y), copper (-11.2% y/y), and pharmaceuticals (+69.5% y/y) represented the top 5 imported commodities in January 2017.
Producer price index up 2.3% m/m and up 9.8% y/y in January 2017
PPI for industrial goods increased 2.3% m/m in January 2017 following a 4.8% m/m growth in previous month, according to GeoStat. A 1.1% 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 (+2.9% m/m vs +22.8% m/m in Dec-16) and up for manufacture of food products, beverages and tobacco (+0.5% m/m).
Annual PPI was up 9.8% in January 2017 after a 7.5% growth in previous month. Rising prices in manufacturing (+8.8% y/y) contributed the most to the overall index change, as prices were up for manufacture of basic and fabricated metals (+48.3% y/y vs. +35.5% y/y in Dec-16). Upward pressure on prices also came from supply of electricity, gas and water (+10.9% y/y), and mining and quarrying (+25.7% y/y vs. +16.3% y/y in Dec-16) sections.
