In July 2015, the volume of exports and imports was up by 6 percent and 3.4 percent, respectively, year-on-year. Thus, foreign trade surplus rose to EUR 646 million in the month of July 2015, while the surplus accumulated in the period January-July 2015 reached EUR 4.9bn. In addition to the motor vehicle manufacturing sector, the pharmaceuticals sector also contributed to growth.

In the initial seven months of the year, the volume of the exports and imports of goods grew by 8.3 percent and 6.9 percent, respectively, gaining EUR 1.2bn year-on-year.

According to avaialable data, there was a slight change in the composition of trade volume growth. While the export volume of motor vehicles (+24 percent) and products from related sub sectors increased dynamically, there was significant growth also the export volume of pharmaceuticals (+20.7 percent), which trend is expected to continue in coming months. This volume growth was partly attributable to production capacity expansion and the opening of distribution centres. Higher trade surplus was also the result of lower gas demand due to a mild winter (-39.4 percent) and the fall in imported oil prices (-31.9 percent).

Although summer holidays may have resulted in weaker data in the month of August, in the remainder of the year the sector is expected to resume a dynamic growth trend.

(Ministry for National Economy)