The value of Greece’s exports have dropped in August, according to figures released on Wednesday by the Greek Statistics Authority (ELSTAT), with the Russian embargo on European Union products to be playing a significant role on this development. Exports value declined 5.9 percent year-on-year in August, from 2,180.9 million euros in 2013, to 2,052.6 million euros this year. Besides the Russian embargo, which accounts to 1.8 percent drop in fruit and livestock exports, the low production of olive oil observed this year, has resulted in a 39.2 percent drop in the commodity’s exports.
The report also revealed that also the value of imports dropped, to 3,283.1 million euros from 3,926.7 million euros last year, marking a 16.4% drop.