Greek exports climbing value chain, expanding in international markets
Despite dampened world trade flows, Greek exports last year rose both in value and volume terms as Greek products commanded higher prices and growing market shares against rivals, while also expanding into new markets worldwide.
Particularly noteworthy was the high growth rates in Greek medium and high tech products, confirming Greece’s competitiveness in goods ranging from metals to medicine.
According to an analysis by the National Bank of Greece, Greek exports of goods rose 7% in real terms in the first ten months of 2022 – a percentage almost double the average of the previous decade – and increased their market share against European competition. In nominal terms, Greek exports were up 22% over the same period.
Exports of high tech products − such as machinery and pharmaceuticals – grew at a 14% to 20% rate last year, in line with overall European trends. While medium tech sectors, like chemicals and metal products – saw export growth rates of between 4% and 9%.
Also encouraging is the growing penetration of Greek exports in markets outside Europe, such as the Middle East, the report says. Further, it notes that of the 129 export product categories analyzed – reflecting 85% of total exports − more than half gained market share against European competitors, while 20 product categories achieved both an increase in market share and an increase in relative prices.
For 2023, taking into account an anticipated economic slowdown in key markets, the report sees Greek exports continuing to grow but at a more modest pace. It adds: “For the next five years, based on our estimates, exports could record an average annual increase of 5-6% with the prospect of an additional boost of 3% per year in the event that Greece improves its performance in research and development (approaching the European average) thus further supporting the export dynamics of high-tech products.”