Greek exports wrapped in optimism

9 April 2018
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The positive climate in Greek exports is maintained, as after a very good beginning in 2018, their momentum remained unaltered in February, too. The particularly encouraging proof of it is the reduction of the trade deficit, which is gradually reduced.

In particular, according to an analysis by the Pan-Hellenic Exporters’ Association and the Center for Export Research and Studies (KEEM), the exports of oil products in February 2018 increased by 14.6% to 2.41 billion from € 2.10 billion in the corresponding period of 2017. Even if oil products are not calculated, again, exports were on the rise. More specifically, they rose by 14% or € 207.7 million to € 1.69 billion from € 1.48 billion in 2017.

On the other hand, imports fell by 0.8%, reaching a total of € 4.13 billion, compared to € 4.17 billion in the same month of 2017. Leaving petroleum products out, then too imports increased, reaching € 3.14 billion from € 3.12 billion, or € 21.3 million or 0.7%.

As a result of the above, the trade deficit declined considerably in February 2018 by -16.6%, to € 1.72 billion from € 2.06 billion in the corresponding month of 2017. Without oil, the trade deficit decreased to € 1.45 billion from € 1.63 billion, ie € 186.4 million, or -11.4%.

The picture between January and February 2018 is similar. Exports rose by 16.5% to € 4.95 billion from € 4.25 billion, while excluding oil products rose to € 3.39 billion from € 2, 91 billion, or € 483.9 million or 16.6%.

Imports between January and February were marginally strengthened by 0.2%, with a total value of € 8.65 billion compared to € 8.63 billion in the same month of 2017. Excluding petroleum products, imports decreased to € 6.26 billion from € 6.61 billion, or € 353.2 million or -5.3%.

Consequently, the trade deficit fell significantly by 15.5% in the first two months of 2018, to € 3.71 billion from € 4.38 billion in the corresponding month of 2017. Without the mineral oil, the trade deficit decreased to € 2.87 billion from € 3.71 billion, or € 837.1 million, or -22.6%.

Source: balkaneu

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One Response

  1. We’re producing more than our usage, but for whatever reason, import and export still goes on. If the US were “producing more than our usage, then the US would be a net exporter. Or it would be storing an awful lot. Do the math. Perhaps the following article will inform you, from the Energy Information Administration- which was the source for my net import comment. How much petroleum does the United States import and export? In 2017, the United States imported approximately 10.1 million barrels per day (MMb/d) of petroleum from about 84 countries. Petroleum includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. About 79% of gross petroleum imports were crude oil. In 2017, the United States exported about 6.3 MMb/d of petroleum to 180 countries. About 82% of total petroleum exports were petroleum products. The resulting net imports (imports minus exports) of petroleum were about 3.7 MMb/d. 2017 , millions of barrels per day Gross Imports: Total, all countries 10.08 Exports 6.34 Net imports 3.73 DO THE MATH : 10.08-6.34= 3.73. (with round-off errors) Please inform the EIA that it doesn”t know what it is doing.

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