Greek exports showed signs of fatigue in January – October

Fuel, transport and travel services led to a nominal decline in exports in the January-October 2016 period, Eurobank said in its weekly bulletin.

Eurobank’s analysts said that in the 10-month period, exports of goods and services totaled 42.4 billion euros, in current prices. The goods sector contributed 47.5 pct or 20.1 billion euros and the services sector contributed 52.5 pct or 22.3 billion.

In the goods sector, cargos except fuel and vessels totaled 74.6 pct or 15 billion euros, fuel totaled 24.7 pct or 5.0 billion and vessels 0.7 pct or 100 million euros. In the services sector, travel accounted for 57.5 pct or 12.8 billion euros, transport 28.6 pct or 6.4 billion and other services accounted for 13.9 pct or 3.1 billion.

In comparison with the January-October 2015 period, exports of goods and services fell 8.3 pct or by 3.8 billion euros (85.2 pct from the services sector and 14.8 pct from the goods sector). Exports of services fell 12.8 pct or 3.3 billion euros and exports of goods fell 2.7 pct or 600 million euros.

The trend of Greek export of goods and services was volatile in the 10-month period in 2016, with a strong shrinking of exports in services (transport) recorded in the first two quarters, followed by the goods category (mostly fuel in the first half and goods -excluding fuel and vessels- in the second quarter). In the third quarter, excluding travel, all export categories showed a positive peformance, helped by a recovery in fuel prices, shipping rates and a further easing in capital controls.

The figures are nominal, integrating both price and quantity changes.