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Strong growth for Greek exports in first half of 2018

Greek exports grew strongly in the first half of the year, extending a rally which prevailed early in 2018, contributing to a further reduction of the country's trade deficit, the Panhellenic Exporters Association said in a report released on Tuesday.

The report noted that first-half export performance created optimism for the outlook of Greek exports, which continue to support consistently the recovery of the Greek economy despite existing hurdles such as high taxation and capital controls.
The association, in an analysis of provisional data released by Hellenic Statistical Authority (ELSTAT), said that exports grew 24.8 pct in June to 3.0 billion euros from 2.4 billion in the same month in 2017 (including oil products), while exports excluding oil products grew 15.5 pct to 2.07 billion euros. In the six-month period from January to June, exports grew 15.7 pct to 16.4 billion euros, while excluding oil products exports rose 13.2 pct to 11.1 billion euros.
On the other hand, imports grew 27.1 pct in June to 4.97 billion euros, while excluding oil products imports rose 11.2 pct to 3.46 billion. In the January-June period, imports rose 4.5 pct to 26.96 billion euros, while excluding oil products imports fell 1.6 pct to 19.61 billion.
The trade deficit widened by 30.9 pct to 1.97 billion euros in June, while excluding oil products the trade deficit rose 5.4 pct to 1.39 billion. In the January-June period, the trade deficit fell 9.1 pct to 10.53 billion euros, while excluding oil products the deficit shrank 16 pct to 8.5 billion euros.
Greek exports grew to all destinations, rising 17 pct to EU member-states and 35.6 pct to third countries. Excluding oil products, Greek exports grew 13.9 pct to the EU and by 19 pct to third countries.
Oil products (53.8 pct), machinery (44.4 pct), raw materials (39.7pct) and industrial products (22.2 pct) recorded the biggest percentage increase among export product categories, while oils (5.8 pct) and alcohol/tobacco (13.9 pct) suffered losses in June. In the first half, all categories recorded increases with the exception of alcohol/tobacco (-1.2 pct), led by oils (35.7 pct), oil products (21.9 pct), machinery (18.8 pct) and industrial products (16 pct).