Greece Trade Deficit Narrows Year-on-Year in January


The trade deficit narrowed by €689 million, as a result of decreases in all of its components. The net import bill for oil and ships fell by €299 and €18 million, respectively.

The trade deficit narrowed by €689 million, as a result of decreases in all of its components. The net import bill for oil and ships fell by €299 and €18 million, respectively.

The trade deficit excluding oil and ships declined by €372 million, owing to higher export receipts (up by €128 million or 11.4 percent) and, concurrently, to the reduced import bill (down by €244 million or 11.4 percent).
 
The services surplus remained broadly unchanged (+0.2 percent), as slight improvements in the travel balance and the “other” services balance were almost offset by lower net transport receipts. More specifically, travel spending in Greece by non-residents declined by a mere €6 million, while travel spending abroad by residents fell by €60 million; as a result, the travel balance showed a small surplus in January 2013, against a deficit in January 2012.
 
In January 2013, the current account balance showed a deficit of €222 million, down by €1.2 billion (or 84.7%) year-on-year. This development is mainly due to declines in the trade deficit and the income account deficit.

Bank of Greece | Nuno Fontes | nuno@tradingeconomics.com
4/9/2013 12:38:30 PM