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by Forex News – Greece’s trade deficit experienced a slight reduction in March 2024, declining from EUR 2.6 billion in March 2023 to EUR 2.4 billion. This improvement was primarily due to a 10.1% decrease in imports, which totaled EUR 6.7 billion.
Concurrently, exports also decreased, falling by 11.7% to EUR 4.3 billion. The significant drop in both imports and exports can be attributed to the stabilization of shipping and energy prices.
Q1 Performance and Broader Implications
When examining the first quarter of the year, Greece’s trade situation appears less favorable. The trade deficit widened from EUR 7.3 billion in the first quarter of 2023 to EUR 8 billion in the same period of 2024.
Despite a general reduction in imports by 4.2% to EUR 20.3 billion, exports saw a sharper decline of 11% to EUR 12.3 billion. This trend suggests underlying challenges in Greece’s trade balance that could impact economic stability and investor decisions.
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