ELSTAT: The country’s trade deficit increased by 13.6% in May

The country’s trade deficit increased by 13.6% in May this year, with the value of imports significantly exceeding that of exports.

In particular, from ELSTAT’s data on commodity transactions, the following emerges:

The total value of imports, during the month of May 2024 amounted to 7,549.4 million euros (8,137.8 million dollars) against 7,067.6 million euros (7,658.0 million dollars) during the same month of the year 2023 showing an increase, in euros, of 6.8%. The corresponding value without petroleum products during the month of May 2024 showed a decrease of 373.1 million euros, i.e. 6.8%, while the corresponding value without petroleum products and ships during the month of May 2024 showed a decrease of 383.6 million euros. euros, i.e. 7.0%, compared to the month of May 2023 (Table 1).

The total value of exports in the month of May 2024 amounted to 4,159.4 million euros ($4,510.8 million) compared to 4,082.3 million euros ($4,449.8 million) in the same month of the year 2023 showing an increase, in euros, of 1.9%. The corresponding value without petroleum products during the month of May 2024 showed a decrease of 212.7 million euros, i.e. 6.8% and the corresponding value without petroleum products and ships during the month of May 2024 showed a decrease of 203.1 million euros, i.e. 6.5%, compared to the month of May 2023 (Table 1).

The trade balance deficit in the month of May 2024 amounted to 3,390.0 million euros ($3,627.0 million) against 2,985.3 million euros ($3,208.2 million) in the same month of the year 2023, presenting increase, in euros, of 13.6%. The corresponding value without petroleum products during the month of May 2024 showed a decrease in the deficit by 160.4 million euros, i.e. 6.7%, while the corresponding value without petroleum products and ships during the month of May 2024 showed a decrease of 180.5 million euros, i.e. 7.6% compared to the month of May 2023 (Table 1).

The total value of imports during the period January-May 2024 amounted to 35,390.7 million euros ($38,175.1 million) against 34,490.8 million euros ($37,141.6 million) during the same period of the year 2023, showing an increase, in euros, of 2.6%. The corresponding value without oil products showed an increase of 593.9 million euros, i.e. 2.3%, and the corresponding value without oil products and ships showed an increase of 570.2 million euros, i.e. 2.3%, compared to the period January-May 2023 (Table 5).

The total value of exports during the period January-May 2024 amounted to 20,970.7 million euros ($22,760.0 million) against 21,954.3 million euros ($23,779.1 million) during the same period of the year 2023, showing a decrease, in euros, of 4.5%. The corresponding value without oil products showed a decrease of 605.0 million euros, i.e. 3.9% and the corresponding value without oil products and ships showed a decrease of 545.5 million euros, i.e. 3.6%, compared to the period January-May 2023 (Table 5).

The trade deficit in the period January-May 2024 amounted to 14,420.0 million euros ($15,415.1 million) against 12,536.5 million euros ($13,362.5 million) in the same period of the year 2023, showing an increase, in euros, of 15.0%. The corresponding size without oil products showed an increase of 1,198.9 million euros, i.e. 11.9% and the corresponding size without oil products and ships showed an increase of 1,115.7 million euros, i.e. 11.1% (Table 5) .

The monthly figures of intra-EU transactions have been adjusted to all intra-EU transactions, including transactions below the statistical threshold(1), based on the Recapitulation Tables of Intra-Community Deliveries and Acquisitions submitted by businesses to the Independent Public Revenue Authority. Accordingly, in the monthly data of trade with third countries, the temporary data of “incomplete customs declarations” have been integrated, which after their completion will be replaced by the corresponding definitive ones.