Greek exports dropped 32.7 pct in May

Greek exports dropped 32.7 pct in May, hit by the impact of the coronavirus pandemic on economic activity, the Panhellenic Exporters Association said in a report on Tuesday.

In their monthly report, the association said that a lockdown throughout Europe – which attracts the bulk of Greek exports – hit export activity in the country. On the other hand, imports also dropped by 39 pct, leading to a contraction of the trade deficit by 47.7 pct.

Exports of chemicals grew 20.3 pct, while exports of oils rose 11.1 pct in May. The association noted that the May figure underlined the need to enhance extrovert activity. It also stressed that the pandemic must serve as an opportunity to strengthen export companies, particularly small- and medium-sized ones, focusing on lifting tax burdens and boosting liquidity.

Exports, including oil products, fell by around 1.0 billion euros, or 32.7 pct, in May to 2.07 billion euros compared with the same month last year. Exports, excluding oil products, fell 12.7 pct to 1.77 billion euros over the same period. Imports ell 2.06 billion euros or by 30 pct to 3.23 billion euros in May, while excluding oil products, imports fell 26.2 pct to 2.8 billion euros.

The country’s trade deficit shrank by 47.7 pct to 1.16 billion euros from 2.22 billion in May 2019, while excluding oil products, the trade deficit dropped by 41.8 pct to 1.03 billion euros.

In the January-May period, exports fell 11.5 pct to 12.17 billion euros, while excluding oil products exports fell 1.7 pct to 9.47 billion euros. Imports fell 16.7 pct to 19.62 billion euros, while excluding oil products imports fell 10 pct to 15.45 billion. The trade deficit shrank 21.4 pct to 7.45 billion euros in the five-month period, while excluding oil products, the trade deficit shrank 20.7 pct to 5.98 billion euros.

Exports to the EU dropped 19.9 pct, while exports to Third Countries plunged 46.5 pct in May. Excluding oil products, exports fell 10 pct to the EU and 17.3 pct to Third Countries.

Exports of chemicals rose 20.3 pct in May, followed by exports of oils (11.1 pct, while exports of food and livestock was stable (-0.2 pct). All other sectors recorded a decline in May, led by oil products (-71.3 pct), raw materials (-40.3 pct), industrial products (-28.3 pct), Alcohol & Tobacco (-17.2 pct), machinery (-5.7 pct) and confidential products (-15.4 pct). In the five-month period, oils grew 43.6 pct, followed by chemicals (19.1 pct), food and livestock (10.2 pct), alcohol & tobacco (2.2 pct), while confidential products fell 1.5 pct.