Greek exports suffered a significant decline in August, negatively affected by the pandemic and its impact on global economic activity. It was mainly fuel exports that shrank, owing to the major drop in global oil rates, while the food sector not only resisted the pressure but posted a 12.2% advance in August.
According to an analysis by the Panhellenic Exporters Association and its Exports Research Center (KEEM) of the provisional data by the Hellenic Statistical Authority (ELSTAT), Greek exports posted a 14.2% year-on-year slump in August, receding by 342.4 million euros to amount to €2.06 billion. Excluding fuel, the decline came to just 5% or €80.5 million, with the total coming to €1.52 billion.
At the same time the trade deficit saw a considerable reduction, dropping by 27.1% as a result of the major decline in imports.
For the first eight months of the year the picture is slightly better, as the year-on-year decline of Greek exports amounted to 11.9% or €2.68 billion, coming to €19.78 billion. When fuel products are excluded, exports in January-August actually increased by 0.8% or €115 million, reaching €15.39 billion. Fuel exports alone posted a 39.3% yearly decline due to the drop in oil rates.
The trade deficit (excluding fuel) fell to €10 billion from €11.98 billion last year – i.e. a decline of 16.5%. When fuel is included, the trade deficit was down €2.91 billion or 19.8% on last year’s first eight months to €11.78 billion.
August 2020 showed that the various domains of exports reacted differently, with food and drink containing the reduction in other sectors. Olive oil exports recorded a remarkable 30% increase, followed by food and livestock (up 12.2%) and drinks and tobacco (up 9.2%). There was also a small rise for raw materials (1.7%) too.
On the other hand, fuel exports dropped a whopping 33% and that affected the overall picture of exports, while there was also a negative figure for chemicals (down 14.6%).