Olive oil leads Greek export growth in June, while imports fall

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Greek exports excluding oil products recorded remarkable growth of 18 percent in June, according to data published on Friday by the Hellenic Statistical Authority (ELSTAT).

However, this rise came about before capital controls were introduced on June 28, and it is therefore likely that the picture will have changed considerably in July, as exporters are already speaking of a major decline in outgoing commodities.

ELSTAT figures showed that the total value of exports including fuel products came to 2.23 billion euros, against 2.50 billion in July 2014 – representing an annual decline of 10.7 percent – but when oil products are excluded there was an increase of 250.3 million euros from a year earlier. This is because of the 45.2 percent drop in oil product exports in June. Almost all other export categories posted growth of at least 10 percent.

Exporters’ data show that the biggest increase in percentage terms was for olive oil and other forms of cooking oil, amounting to 174.3 percent, with tobacco and alcohol products reporting a 41.8 percent rise and machinery exports expanding by 28.7 percent.

Imports recorded a decline in June that the market expects to have accelerated considerably in July (possibly by up to 50 percent) due to the capital controls. The total value of imports in June came to 3.7 billion euros from 4.21 billion a year earlier, posting an annual contraction of 12 percent. When oil products are excluded, though, the decline amounts to just 2.9 percent.

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