Newsletter June,2021,06

JUNE

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Greek exports jump, fuel economic recovery

Exports of Greek goods and services have continued to expand, further cementing the external sector’s role in Greece’s economic recovery and pointing towards another record year.


According to the latest data, Greek exports jumped 49.7% to €3.17 billion in April, and rose 18.3% to €11.95 billion in the first four months of 2021. Both the monthly and the January to April data show double digit gains in almost all product categories, with a notable jump in exports of petroleum products. Excluding petroleum products, Greek exports rose 37.6% in April and 17.6% in the first four months of the year.

Over the last ten years, Greece has gone through a profound economic transformation, re-orienting itself to global markets, welcoming foreign investment and promoting innovation. In that time, the country has witnessed an export boom as Greek producers of goods and services increasingly turned to overseas markets and away from their previous reliance on domestic consumers. Greek exports are now equal to about 38% of GDP – compared with 25% a decade ago – and the government has set a goal of raising that ratio to 48% by 2023.

Even amid the coronavirus pandemic, Greek exports continued to perform strongly. Despite a worldwide slump in merchandise trade last year, Greece’s non-oil exports rose 3.2% in 2020 to €24.05 billion, according to official data. Greek food and chemical exports, two of the country’s biggest export sectors, reached new highs.

Greek exports by category (in € millions)

Jan-April 2021Jan-April 2020% Change
Petroleum products€2,913.1€2,362.823.3%
Chemicals€1,938.8€1,582.822.5%
Food€1,910.9€1,701.712.3%
Manufactured goods€1,891.7€1,652.114.5%
Machinery€1,116.1€935.519.3%
Misc. industrial products€862.7€757.113.9%
Raw materials€614.1€413.448.5%
Beverage, tobacco€298.8€254.917.2%
Oils & fats€249.6€225.110.9%
Other€154.1€156.8-1.7%
Total€11,949.9€10,042.319.0%
Source: Hellenic Statistical Authority, Greek Exporters Association