Greek Exports: Leading products and top destinations

Greek exporters are on the alert, in order to respond to the new challenges emerging in the global economy. The intense uncertainty caused by the war in Ukraine and the consequences on the supply chain continue to plague international trade, while the energy crisis, the rising cost of money and high inflation pose new obstacles to doing business.

Within this environment, Greek businesses managed to expand their footprint abroad, maintaining and expanding their distribution network, despite adverse conditions. At the same time, they looked for an outlet in new markets and took advantage of emerging opportunities to channel their products and services.

The above is pointed out by the Panhellenic Association of Exporters, commenting on Hellenic Statistical Authority-ELSTAT’s provisional data on exports, for the period January – September 2022, which increased by a total of 11.7 billion euros or by 41.4% and amounted to 40.08 billion .euro from 28.34 billion euros.

The most important destinations by country

From the processing of the data carried out by the Center for Export Research and Studies (KEEM) of the Panhellenic Association of Exporters, Italy continues to be the most important destination for Greek exports in the first nine months of 2022, while Bulgaria is a big surprise, occupying the second place position, in relation to the 6th position it held, for the same period of 2021. Next is Germany, to which the increase in exports of Greek products (by 24.7%), in the first nine months of 2022, led to it falling to 3rd from the 2nd place and then Cyprus occupying the 4th from the 3rd place it held.

This is followed by the USA which is in the 5th out of the 7th position they occupied in the nine months of 2021, to which a large increase in exports is recorded (41.5%), Turkey and the United Kingdom in the 6th and 7th positions, for Turkey, 1 place lower, and for the United Kingdom 2 places higher, than the corresponding period last year, due to the increase in exports by 84.6% to the United Kingdom. Spain is in 8th place (up from 10th) followed by Libya, to which Greek exports doubled (by 104.1%), as a result of which it took 9th from the 12th place it held in the nine months of 2021. The first ten of the main destinations of Greek exports, Romania completes, which was in 8th place during the corresponding period of 2021.

Apart from the top ten client countries of Greek products for the nine months of 2022, it is worth noting the significant decrease in exports (-18.6%) and a very large drop in the ranking of France (13th place from 4th), South Korea ( 21st from 14th) and China (32nd from 15th) in relation to the corresponding period of 2021 and the rise of the Republic of
Macedonia (11th out of 16th) and Malta (19th out of 29th).

Destinations by economic union

Regarding the destinations of Greek exports per economic union, there is an increase of 41.9% to the EU. Shipments to the 18 countries of the Eurozone increased by 35%, while exports to almost all economic associations moved upwards with the only exceptions being exports to the BRICS countries (-25.7%), the Eurasian Economic Union (-21.6 %) and ship supplies (-5.6%).

In more detail, to the OECD countries, an increase of 35.6% is recorded and to the G7 countries by 31.8%. Exports to the countries of the Black Sea Economic Cooperation (BSEC) increase by 54.2%, while to the countries of the Middle East & North Africa by 41.2%. Followed by shipments of Greek products to North Africa (53.1%), OPEC countries (40.4%), North America (39.3%) and the Gulf countries (Gulf Cooperation Council) (10.5%) ). Finally, exports to the countries of Sub-Saharan Africa, which are smaller in value, increased by 81.9% while to the MERCOSUR countries they remained practically stagnant (0.1%).

Products

In terms of the composition of exports by major product categories, the increase of 41.4% results mainly from the strong upward trends in exports of fuel which are up by 91.5% and industrial products which are up by 24.3%. Exports of agricultural products also increased by 18.4%. Exports of raw materials show an increase of 7.5%, while the low-value exports of the category misc. items & unclassified transactions increase by 44.1%.

Petroleum products are also for the nine months of 2022, the main export product of the country, with an increase of 74.4% compared to the nine months of 2021. Medicines follow in 2nd place, which however registered a decrease of -22.4%, natural gas jumps to 3rd place, from 52nd place it held, with an increase of 1701.1%, as a result of the huge increase of its price due to the Russia-Ukraine war, while aluminum products were in 4th place, with a rise of 42.9%, but down one place from the 3rd place they held in the first nine months of 2021. In 5th place, from 4th , the other cheeses decline, while in the 6th, from the 5th, fish products in relation to the corresponding examined period of 2021.

In the 7th and 8th place are the exports of aluminum bars and pipes of all kinds, for the bars rising in the order of ranking by two places, and for the pipes falling by two places, respectively, while in the 9th place, falling, from the 8th, exports of other vegetables. The top ten is closed with the exports of electricity which during the corresponding period of 2021 was in the 49th position of the relevant list.

Imports

Imports in the period January – September 2022 increased by 21.96 billion euros or by 49.4%, with their total value standing at 66.40 billion euros compared to 44.44 billion euros in the nine months of 2021.

As a result of the above movements, the trade deficit increased by 10.23 billion euros, or by 63.5% and reached -26.32 billion euros in the period under review from -16.09 billion euros in the nine months of 2021.