Exports soared by 38.5% y/y in Jan-23
In Jan-23, exports experienced significant growth, expanding by 38.5% y/y to US$ 459.0mn, after a 32.5% y/y growth in the previous month. Imports, on the other hand, grew at a slower pace, with a 25.2% y/y increase to US$ 1.0bn in January, compared to a 33.0% y/y rise in December.
As a result, the trade deficit grew by 15.8% y/y to US$ 543.9mn, following the 33.3% y/y growth rate seen in December.
Money transfers maintain strong growth in Jan-23
According to the NBG, money transfers demonstrated a continuation of an impressive growth trend, increasing by 163.5% y/y to reach US$ 445.0mn in Jan-23, after a 133.2% y/y growth in the previous month. The majority of the money transfers came from Russia, which saw a 10-fold increase y/y and accounted for 60.1% of the total. Some of these funds were related to migration. Other major remitting countries included Italy (+18.9% y/y, 8.9% of total), USA (+40.8% y/y, 6.4% of total), Greece (+7.0% y/y, 4.1% of total), Israel (+14.5% y/y, 3.8% of total) and Germany (+61.8% y/y, 3.2% of total).
