The consequences of the Russian embargo on European Union products quickly became clear in terms of Greece’s exports, whose value declined 5.9 percent year-on-year in August, Hellenic Statistical Authority (ELSTAT) data showed on Wednesday.
The Russian counter-sanctions to the measures by the EU have dealt a huge blow to Greek exports, which had already started to show signs of fatigue in previous months.
The value of the country’s exports reached 2.05 billion euros, from 2.18 billion in August 2013 and 2.21 billion in August 2012. That was the second-lowest this year after April’s 2.02 billion euros. Exports contracted by 6.4 percent from September 2013 to August 2014 compared with the previous 12-month period.
Besides the Russian embargo, which brought about a 1.8 percent drop in fruit and livestock exports, this year’s particularly low production of olive oil resulted in a 39.2 percent drop in the commodity’s exports.
The major 16.4 percent annual decline in imports, from 3.92 billion euros in August 2013 to 3.28 billion in August this year, might be further narrowing the Greek trade deficit but it also illustrates the slowdown in industrial output and the reduction in new orders.