Exports up 5.1% y/y in December 2016
In December 2016, exports increased 5.1% y/y to US$ 194.0mn, imports were up 1.9% y/y to US$ 737.1mn (excluding C-hepatitis medication imports), and the trade deficit widened 0.8% y/y to US$ 543.1mn according to GeoStat. Increased exports of ferro-alloys (+75.3% y/y), cars (+18.7% y/y), wine (+9.6% y/y), spirituous beverages (+59.0% y/y), and fertilizers (+116.6% yy) were the major commodities positively affecting exports growth in December 2016, while copper ores (-10.7% y/y), and pharmaceuticals (-38.8% y/y) exports decreased.
Petroleum (+80.0% y/y), gases (+21.3% y/y), cars (+21.0% y/y), pharmaceuticals (-4.2% y/y), and phones (+62.6% y/y) represented the top 5 imported commodities in December 2016.
In 2016, trade deficit was up 0.8% y/y to US$ 5.1bn, excluding one-offs, as imports were down 0.7% y/y to US$ 7.2bn and exports fell 4.1% y/y to US$ 2.1bn.
Money transfers up 16.7% y/y in December 2016
In December 2016, money transfers increased 16.7% y/y to US$ 119.0mn after growing 14.8% y/y in previous month, according to NBG. Money transfers were up from all major remitting countries: Russia (+2.5% y/y, 34.9% of total), USA (+39.0% y/y, 11.9% of total), Italy (+12.4% y/y, 10.3% of total), Greece (+22.9% y/y, 10.0% of total) and Turkey (+51.5% y/y, 7.0% of total). Overall, money transfers were up 6.6% y/y to US$ 1.15bn in 2016.
Producer price index up 4.8% m/m and up 7.5% y/y in December 2016
PPI for industrial goods increased 4.8% m/m in December 2016 following a 2.8% m/m growth in previous month, according to GeoStat. A 5.4% 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 (+22.8% m/m vs +8.4% m/m in Nov-16) and up for manufacture of food products, beverages and tobacco (+2.5% m/m).
Annual PPI was up 7.5% in December 2016 after a 1.7% growth in previous month. Rising prices in manufacturing contributed the most to the overall index change (+7.4% y/y,) as prices were up for manufacture of basic and fabricated metals (+35.5% y/y vs. +4.7% y/y in Nov-16) and food products, beverages and tobacco (+5.9% y/y). Upward pressure on prices also came from supply of electricity, gas and water (+5.1% y/y), and mining and quarrying (+16.3% y/y vs. +5.9% y/y in Nov-16) sections.
