TTE: The deficit in the balance of goods was widened in January with export ‘deep’

Exports of goods fell significantly in January, according to data from the Bank of Greece ( ), thus widening the deficit as it exceeded the corresponding reduction in imports. Specifically, at current prices, TTE reports that exports decreased by 10.4% (‐7.9% at constant prices) and imports by 3.4% (a 1.6% increase at constant prices). Exports of fuel-free goods decreased by 8.4% (‐9.5% at constant prices), while corresponding imports increased by 1.1% (1.9% at constant prices). The deficit in the balance of goods increased as the decrease in exports exceeded that of imports. As regards services, the balance sheet surplus increased in January 2024. This development is attributed to improving all individual balances, particularly the balance of other services. In relation to the respective month of 2023, arrivals of non-resident travellers increased by 16.0% and receipts by 27.1%. Overall, in January 2024, the current account recorded a surplus of EUR 1.7 billion, against a deficit in January 2023. The surplus of the primary income balance was limited compared to January 2023, reflecting the reduction in net receipts from other primary income, which was offset by about half of the recording of net receipts, against net payments, from interest, dividends and profits. The surplus of the secondary income balance was considerably expanded over January 2023, as a result of the increase in net receipts in the sectors of the economy other than the general government, other than the general government, linked to the influx of the Eurosystem’s monetary income to the Bank of Greece. Capital balance In January 2024, the capital balance recorded a deficit, against surplus in the respective month of 2023, and was €166,9 million, mainly reflecting a reduction of €1.2 billion in net receipts in the general government sector. Total Balance of Current Transactions and Capital In January 2024, the surplus of the total current account and capital (corresponding to the needs of the economy for financing from abroad) increased by 254.0 million euros and amounted to 1.5 billion euros. A balance of financial transactions In January 2024, in the category of direct investment, in the requirements of residents vis-à-vis abroad, flows of EUR 243,4 million and obligations of residents vis-à-vis abroad, corresponding to direct investments of non-residents in Greece, flows of EUR 375,6 million, without significant transactions. In portfolio investment, the increase in resident requirements vis-à-vis abroad mainly reflects an increase of EUR 301.0 million in their placements in foreign bonds and interest notes and, to a lesser extent, an increase of EUR 130.1 million in resident holdings in shares of non-resident enterprises. The increase in their obligations is almost entirely due to the rise of 2.0 billion euros in non-resident placements in Greek bonds and interest notes. In the category of other investments, a reduction in residents’ claims against abroad was recorded due to the statistical adjustment associated with the issuance of banknotes (EUR 2.0 billion) and a reduction of EUR 1.6 billion in the placements of residents in deposits and deposits abroad. The reduction in their obligations mainly reflects the reduction of EUR 5.3 billion in non-resident deposits and deposits in Greece (including the TARGET account) and, to a lesser extent, the statistical adjustment associated with the issuance of banknotes (EUR 2.0 billion). At the end of January 2024, the country’s reserve assets amounted to 12.2 billion euros, compared with 11.8 billion euros at the end of January 2023.