Newsletter February,2023,02

FEBRUARY

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Greek exports hit new record high, extending rising decade-long trend

Greek exports reached a new record high in 2022 – jumping by more than a third over prior year levels – as Greek producers of everything from petroleum products to building materials to food witnessed sharp increases in the value of their overseas shipments.


According to the latest data from the Hellenic Statistical Authority, Greek exports rose 36.7% on year to €54.68 billion − up from around €40 billion in 2021, which was itself a record year. Excluding exports of petroleum products and ships, two export categories that can fluctuate on a month-to-month basis, Greek exports rose by more than a fifth last year, increasing 21.6% to €35.05 billion compared with €28.8 billion in 2021.

Last year also confirmed that Greece’s rising exports are across the board and across markets, with increases recorded in all key sectors. This despite muted global trade flows, due to higher energy costs and interest rates that weighed on economic growth worldwide.

In a statement, Greek Exporters Association President Simeon Diamantidis noted that the latest data underscored: “the strong dynamics of the export sector, with our country recording one of the highest percentage growth rates in exports in Europe, and reaching for the first time approximately €55 billion in merchandise exports, surpassing a ratio of 25% of GDP.”

Equally important are signs that Greek exports are climbing up the value chain, while also gaining widening acceptance in overseas markets. A recent study by National Bank of Greece showed that Greek exports of high tech products − such as machinery and pharmaceuticals – grew at double digit rates last year, and that a majority of Greek export categories were expanding their market share against European rivals.

More than half of Greek exports were to other European Union member-states in 2022 − accounting for 55.1% of total Greek exports overall− demonstrating the bloc’s continued importance as a destination for Greek products. But increasingly, Greek exports are also expanding in other regions, notably the Middle East and North America.