Greece Trade Deficit Narrows in November


In November, Greek trade deficit narrowed by €828 million, as a result of a €352 million decrease in the trade deficit excluding oil and ships, as well as declines of €372 million and €103 million in the net oil import bill and the net import bill for ships, respectively.

The trade deficit excluding oil and ships shrank almost exclusively due to the reduced import bill (down by €349 million or 16.2%), given that export receipts remained almost unchanged (having recorded only a small increase of 0.2%).

In more detail, the trade deficit shrank as a result of a €3.8 billion (or 32.6%) decline in the trade deficit excluding oil and ships and a drop of €2.2 billion (or 68.2%) and €693 million (or 6.6%) in net payments for purchases of ships and in the net oil import bill, respectively. Receipts from exports of goods excluding oil and ships rose by 2.4%, while the corresponding import bill fell at a much faster pace (14.6%).

Bank of Greece | Nuno Fontes | nuno@tradingeconomics.com
1/25/2013 10:16:41 AM