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

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%).

Greece Trade Deficit Narrows in November