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G&T Team
Services Research Market Watch Weekly market watch

Weekly market watch

Exports up by 30.4% y/y in June 2021 
In June 2021, exports increased by 30.4% y/y to US$ 349.3mn after a 45.0% y/y growth in previous month (notably, exports were up by 12.5% compared to June 2019). Imports also increased by 37.6% y/y to US$ 837.0mn, after growing 41.2% y/y in previous month (notably, imports were up 13.3% compared June 2019). As a result, trade deficit widened by 43.2% y/y to US$ 487.7mn in June. Overall, in 1H21, trade deficit was up by 15.3% y/y to US$ 2.4bn, as exports increased by 25.5% y/y to US$ 1.9bn (up 5.5% compared to 1H19) and imports increased by 19.5% y/y to US$ 4.3bn (down 1.5% compared to 1H19).

Money transfers up by 19.3% y/y in June 2021
In June 2021, money transfers increased by 19.3% y/y to a record high of US$ 201.9mn, after growing 42.4% y/y in previous month, according to NBG. Notably, remittances were significantly up by 40.6% compared to June 2019 level. From major remitting countries, money transfers increased strongly from Russia (+20.0% y/y, 19.4% of total), Italy (+18.3% y/y, 15.7% of total), USA (+24.6% y/y, 12.4% of total) and Israel (+12.8% y/y, 7.7% of total). Overall, in 1H21 money transfers were up 40.8% y/y to US$ 1.1bn (+34.4% compared to 1H19).