Exports up 25.0% y/y in May 2017
In May 2017, exports increased 25.0% y/y to US$ 215.2mn, imports were up 3.8% y/y to US$ 633.2mn and the trade deficit narrowed 4.6% y/y to US$ 418.0mn. Overall in 5M17 exports were up 28.7% to US$1.0bn, imports increased 10.8% to US$ 2.9bn and the trade deficit widened 3.4% to US$ 1.9bn.
Increased exports of copper (+134.1% y/y), cars (+38.3% y/y), Wine (+60.0% y/y) and spirits (+92.7% y/y) were the major commodities driving export growth in May 2017.
Petroleum (+12.9% y/y), cars (-13.0% y/y), copper (+252.2% y/y), pharmaceuticals (+2.5% y/y) and phones (+28.7% y/y) represented the top 5 imported commodities in May 2017.
Producer price index unchanged m/m and up 9.4% y/y in May 2017
PPI for industrial goods remained unchanged m/m in May 2017, according to GeoStat. A 0.6% price increase for manufacturing contributed the most to the overall index change as prices were up for manufacture of basic metals and fabricated metal products (+1.9% m/m) and electrical and optical equipment (+30.9% m/m).
Annual PPI was up 9.4% in May 2017. Rising prices in manufacturing (+9.1% y/y) contributed the most to the overall index change. Prices were also up for supply of electricity, gas and water (+7.8% y/y) and for mining and quarrying (+22.2% y/y).
NBG Purchased USD$ 30.0mn
On June 19 and 20, 2017, the NBG intervened on the FX market and purchased USD$ 10.0mn and USD$ 20.0mn, respectively on its foreign exchange auction.
