The reduction of the trade balance deficit was recorded in February for the third month in a row. import and at the same time increased export.

The decline in the cost of imports is largely due to the decline in prices for energy and energy products in general, as well as for some types of raw materials.

In particular, according to the data announced yesterday Hellenic Statistical Office (ELSTAT)the value of imports in February was 6.66 billion euros compared to 7 billion euros in February 2022, representing a decrease of 4.9%. Excluding petroleum products, the value of imports fell by 1.5% year on year.

On the other hand, the value of Greek exports increased by another month and indeed by 19.9% ​​compared to February 2022, reaching 4.40 billion euros, including oil products. Excluding petroleum products, the value of exports increased by 6.2%.

“In the face of uncertainty, Greek exports have done wonders, proving the dynamism of the country’s outward-looking business. Despite the adverse circumstances and hardships, moving Greek businesses abroad pays off both for the country’s entrepreneurship and for the public treasury. In addition, it supports existing jobs and promotes the creation of new ones. We are committed to supporting this development under a stable political environment,” said Panhellenic Exporters Association (PSE) President Christina Sakellaridis.

As a result, the trade deficit narrowed by 32.3% in February 2023 to reach EUR 2.25 billion from EUR 3.33 billion in February 2022.

In the two months from January to February 2023, the trade deficit, including oil products, is 4.63 billion euros, a decrease of 27.2% compared to the corresponding period in 2022.

In February 2023, upward trends are recorded in the exports of most industries.

In particular, the export of oil products – fuel increased by 57.7%, food and live animals – by 7.3%, chemicals – by 11.9% and machinery – by 6%. Exports of categories “Miscellaneous industrial” (+7.9%), oils (+167.8%), which more than doubled its value, and categories “Drinks and tobacco” (+19.5%) in February 2023 are also growing.

On the contrary, there was a decrease in exports of industrial products by 4.2%, raw materials by 10.5% and so-called confidential products by 36.8%, which have a low cost.