The trade deficit widened at a slower pace in June, but remained at a particularly high level due to the full resumption of economic activity and, of course, the appreciation at the global level. Although export remain on the rise, a general decline can negatively affect them. Recently, the data of the Responsible Purchasing Index (PMI index) showed a decrease in orders from abroad for Greek production in July.

According to data released yesterday Hellenic Statistical Office (ELSTAT)the value of imports in June 2022, including oil products, amounted to 8.26 billion euros, which is 53.5% more than in June 2021. Excluding oil products, the growth of imports amounted to 25.6%.

At the same time, exports amounted to 5.43 billion euros, including oil products increased by 59.8%. Excluding oil products, the annual increase in the value of exports was 24.1%, slightly less than the increase in imports.

The trade balance deficit formed in June in the amount of 2.83 billion euros, having increased by 42.7%. Recall that in May the trade deficit amounted to 3.09 billion euros, an increase of 84.7% year on year. Despite the slowdown in the growth of the trade balance deficit in June, it remains significantly high on a semi-annual basis. In particular, according to ELSTAT, in the period from January to June 2022, the trade deficit amounted to 17.59 billion euros, including oil products, which is 71.6% more than in the corresponding period last year. Excluding petroleum products, the increase in the trade deficit amounted to 50.3%.

Imports have increased, exports continue to grow.

It is noted that the value of imports for the first half of 2022 amounted to 43.61 billion euros, an increase of 51.1%, while excluding oil products, the growth was 34.1%. The total value of exports for the same period was 26.01 billion euros, an increase of 39.8%. Excluding oil products, exports increased by 24.1%, at a slower pace than imports.

Based on an analysis by the Panhellenic Association of Exporters (PSE), an increase in the value of exports was recorded in the first half of 2022 across all major product categories. The largest growth was recorded in the export of petroleum products, including due to a very large increase in prices for this category. In particular, the export of petroleum products (in value terms) increased by 88.1%, industrial goods by 43.6%, machinery by 27.8%, food and live animals by 18.3%, raw materials by 11.6%, chemicals by 9.2%. %, drinks – tobacco by 7.7%, oils by 5.7%.

Commenting on the ELSTAT data, PSE President Chr. Sakellaridis said: “The war in Ukraine and spillover effects in the energy and commodities sectors continue to put strong pressure on the competitiveness of Greek products, making it difficult for Greek exporters. The growing export rate does not allow to calm down. Instead, the industry is constantly in a state of readiness to adapt its strategy and planning to ever-changing conditions.”

DIMITRA MANIFAVA