Greece’s trade deficit witnessed an alarming increase of 18.7% in Nov. last year, driven by a rise in imports and a drop in exports, according to the latest data from the Hellenic Statistical Authority, (ELSTAT). This trend has raised concerns about the country’s economic balance.
Import and Export Figures for Nov. 2024
The total value of imports in Nov. 2024 reached 7.2056 billion euros, compared to 6.9837 billion euros in Nov. 2023, marking a 3.2% increase. Excluding petroleum products, imports rose by 256.6 million euros (4.9%), and when further excluding both petroleum products and ships, the increase stood at 258.7 million euros (5%).
Regarding exports, the total value in Nov. 2024 dropped to 4.0246 billion euros from 4.3043 billion euros in the same month of 2023, registering a 6.5% decline. However, exports excluding petroleum products saw an increase of 157.5 million euros (5.2%), and when excluding petroleum products and ships, the rise was 173.8 million euros (5.8%).
Consequently, the trade deficit for Nov. climbed to 3.181 billion euros, compared to 2.6794 billion euros in Nov. 2023. This represents an 18.7% increase. Without petroleum products, the deficit grew by 99.1 million euros (4.5%), and when both petroleum products and ships were excluded, the increase was 84.9 million euros (3.8%).
11-Month Trade Deficit Trend
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023. Imports excluding petroleum products increased by 2.2223 billion euros (4%), and when excluding petroleum products and ships, the increase amounted to 2.1788 billion euros (3.9%).
Meanwhile, the total value of exports over the same period fell by 3% to 45.8688 billion euros, down from 47.2783 billion euros in 2023. Exports excluding petroleum products rose by 401.6 million euros (1.2%), and when both petroleum products and ships were excluded, the growth was 425.5 million euros (1.3%).
As a result, the trade deficit for the Jan-Nov. period widened to 31.5105 billion euros, up 9.9% from 28.6699 billion euros in 2023. Excluding petroleum products, the deficit increased by 1.8207 billion euros (7.8%), and when further excluding ships, the rise was 1.7533 billion euros (7.5%).
