Newsletter August,2022,08

AUGUST

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Greek exports hit new high, on track for record year

Greek merchandise exports continue to surge − extending the country’s decade-long export boom − pointing to another record year in 2022 and underscoring the government’s efforts to boost trade and orient the economy towards international markets.


For the first six months of the year, Greek exports of goods totaled €26 billion – well ahead of last year’s €18.6 billion for the same period – and already more than half way to surpassing total 2021 exports of €40 billion. The latest data, from the Hellenic Statistical Authority, show that Greek merchandise exports in June alone jumped almost 60% to €5.4 billion.

Much of the recent increase in the value of Greek exports has been fueled by rising prices for refined petroleum products worldwide. But excluding oil products, Greek exports still rose sharply: jumping 24% on year to €17.2 billion in the first half of the year. In June, non-oil exports were also up 24%.

Late last year, Greece unveiled its new National Strategic Extroversion Plan detailing some 458 initiatives, ranging from new branding strategies to trade promotion activities. The government has also moved to reform and upgrade Greece’s export credit insurance organization.

The plan also sets out ambitious goals: by 2023, Greece aims to increase exports of goods and services to the equivalent of 48% of GDP, up from about 41% last year and double the ratio of 12 years ago. As part of those efforts, Enterprise Greece has stepped up its initiatives to support exporters, offering new networking and consulting services, training and re-skilling seminars.

At the same time, Greece’s export profile is also changing, particularly in the country’s fast growing tech sector. According to World Bank data, Greece’s share of high-technology exports is approaching that of Germany. This reflects a significant policy shift toward supporting exports that comprises tax incentives for R&D, a reduction in the tax burden of labor and capital, facilitating the startup ecosystem, structural reforms, and other initiatives, say government officials, and which will help boost exports still further in the years ahead.