Upward trend for Greek exports – January to July 2018 results

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High export activity for Greek businesses in the first half of 2018, a trend that continued in July 2018, according to an analysis of the Pan-Hellenic Exporters’ Association and the Center for Export Research and Studies.

More specifically, Greek exports, including petroleum products, rose in July by 20.9% to 2.93 billion euros from 2.42 billion euros in the same period of 2017. Upward trend also for exports without petroleum products, as they rose by 11.4% to 1.9 billion euros from 1.71 billion euros.

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Similar is the picture for the time from January to July 2018. Exports, including petroleum products, rose by 16.5% to 19.39 billion euros from 16.64 billion euros, while exports excluding oil products rose to 13.02 billion euros from 11.53 billion, or by 13%.

Indeed, according to the forecasts of the Pan-Hellenic Exporters’ Association, Greek exports are heading towards a new record high. If there are no major geopolitical developments in the wider region, Greek exports are expected to grow by about 8% – 10% in 2018, maintaining the dynamics they have developed so far. Similar projections exist for 2019, given the development of the global economy.

The top destination countries

Regarding the exports by geographical area between January and July 2018, there is a significant rise towards all destinations. Thus, the total value of exports, including petroleum products, is increased both to EU countries (+13%) and to Third Countries (+20.9%). Excluding petroleum products, exports increased to EU countries by 13.7% and to Third Countries by 11.4%.

With regard to the share of exports directed to Member States’ markets, including petroleum products, it stood at 53.2%, from 54.9% in the same period of 2017, while the share of exports to third countries amounted to 46.8% from 45.1% in 2017. Excluding petroleum products, the share of exports to EU countries is 69% and to third countries 31%.

According to the study of the Center for Export Research and Studies on ELSTAT’s interim data. for Greek exports in the first half of 2018, Italy still remains the most important destination for Greek exports, with export value of about 1.728 billion euros, achieving an increase of 8.2% compared to the same period of 2017. In the second place, Turkey rose from 4th place last year by 39%, amounting 1.23 billion euros in export value. Germany comes third with 1.052 billion euros and a change of +2.1% (2nd in 2017) and Cyprus comes fourth with 871.8 million euros and a change of +2.0% (3rd in 2017).

Bulgaria (682.9 million euros, +8.8%) and Lebanon (675.2 million euros, +8.0%) remained at 5th and 6th place respectively, while the US ranked 7th (628.1 million euros, +18.0%) and Spain (540.8 million euros) 8th, achieving the remarkable increase of 56.5%. The list of the top ten destinations is complemented with the United Kingdom in 9th place, with an export value of 540.7 million euros and an increase of 0.6%, and Egypt in 10th place with exports worth 535.1 million euros (+ 41.5% ).

The biggest change compared to 2017 was achieved by the Philippines, with the unprecedented increase in exports of 2,150.4%! More specifically, the value of exports to the Philippines from January to July 2018 increased to 61.2 million euros from 2.7 million euros in the same period of 2017. Argentina followed with an increase of +1,277.3% (28.6 million euros in 2018 from 2.1 million euros in 2017) and Brazil with an increase of +474.5% ( 75.3 million euros in 2018 from 13.1 million euros in 2017). Significant is also the increase in exports to India with a value of 101.0 million euros from 30.0 million euros in the same period of 2017 (+237.1%).

Exports by product sector

According to the study, the main exported product sectors from Greece are mineral oils, medicines, oil, fish, vegetables, pipes, tobacco, cotton and marble.

From January to July 2018 all categories were on an upward trend, excluding beverages and tobacco (-3.5%). Oil (+36.4%), petroleum products (+25%), machinery (+16.6%) and industrial products (+16.5%) stood out during this period.

The article was compiled with data from: Panhellenic Association of Exporters, Export and Research Center, Athens Chamber of Commerce, Hellenic Statistical Authority, insider.gr