Exports up 37.4% y/y in June 2017
In June 2017, exports increased 37.4% y/y to US$ 230.8mn, imports were flat y/y and stood at US$ 642.2mn and the trade deficit narrowed 13.3% y/y to US$ 411.4mn, according to GeoStat. Overall in 1H17, the trade deficit was almost flat (+0.2% y/y) at US$ 2.4bn as exports were up 30.1% to US$1.2bn, while imports increased 8.8% to US$ 3.6bn.
Increased exports of copper (+116.5% y/y), ferro-alloys (+236.3% y/y), cars (+41.8% y/y) and wine (+71.0% y/y) were the major commodities driving export growth in June 2017.
Petroleum (-17.4% y/y), cars (-16.9% y/y), pharmaceuticals (-35.3% y/y), copper (+120.8% y/y) and phones (+33.9% y/y) represented the top 5 imported commodities in June 2017.
Producer price index up 0.5% m/m and up 12.3% y/y in June 2017
PPI for industrial goods was up 0.5% m/m in June 2017, according to GeoStat. A 0.6% price increase for manufacturing contributed the most to the overall index change as prices were up for manufacture of basic metals and fabricated metal products (+1.8% m/m) and for food, beverages and tobacco (+1.1% m/m).
Annual PPI was up 12.3% in June 2017. Rising prices in manufacturing (+12.7% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+8.1% y/y) and for mining and quarrying (+16.7% y/y).
