Exports up 27.3% y/y in September 2017
In September 2017, exports increased 27.3% y/y to US$ 257.5mn, imports were up 5.5% y/y to US$ 684.8mn and the trade deficit narrowed 4.3% y/y to US$ 427.3mn, according to GeoStat. Overall in 9M17, the trade deficit was down 1.1% y/y at US$ 3.7bn as exports were up 28.3% y/y to US$1.9bn, while imports increased 7.4% y/y to US$ 5.6bn.
Increased exports of ferro-alloys (+206.8% y/y), cars (+52.8% y/y), wine (+89.7% y/y) and Petroleum (25.6x higher y/y) were the major commodities driving export growth in September 2017. In contrast copper (-9.1% y/y) and nuts (-45.9% y/y) exports were down.
Petroleum (+25.3% y/y), cars (+2.9% y/y), copper (+7.7% y/y), pharmaceuticals (-36.0% y/y) and phones (+15.9% y/y) represented the top 5 imported commodities in September 2017.
Producer price index up 2.0% m/m and up 13.4% y/y in September 2017
PPI for industrial goods was up 2.0% m/m in September 2017, according to GeoStat. A 2.2% 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 (+5.1% m/m) and food, beverages and tobacco (+2.4% m/m). Prices were also up for mining and quarrying (+2.9% m/m).
Annual PPI was up 13.4% in September 2017. Rising prices in manufacturing (+13.7% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+9.2% y/y) and for mining and quarrying (+22.4% y/y).
Money transfers up 24.2% y/y in September 2017
In September 2017, money transfers increased 24.2% y/y to US$ 124.4mn after growing 15.1% y/y in previous month, according to NBG. Money transfers were up from all major remitting countries: Russia (+16.6% y/y, 32.8% of total), Italy (+30.2% y/y, 10.5% of total), Greece (+21.0% y/y, 10.5% of total), USA (+3.2% y/y, 10.1% of total), Israel (+99.6% y/y, 9.3% of total) and Turkey (+28.6% y/y, 7.7% of total). In 9M17 money transfers were up 19.7% y/y to US$ 996.0mn.
