Newsletter February,2022,02


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Greek exports set new record on across-the-board gains

Greek exports reached a new record high in 2021 on across-the-board growth in everything from chemicals to marble, from food to fashion, further extending the country’s almost decade-long export boom.

Total exports of goods jumped 29.5% last year to a record amount of €39.9 billion, up from €30.8 billion in 2020, according to the Hellenic Statistical Authority (Elstat). Excluding volatile exports of petroleum products and ships, Greek exports of goods rose 19.9% on year in 2021 to €28.8 billion from €24.0 billion. For the month of December alone, total exports rose 17.4% from a year earlier to €3.56 billion.

“The new historical record in the value of Greek exports is undoubtedly a success, as it was achieved under adverse conditions in an uncertain environment comprising inflationary pressures, the energy crisis and the geopolitical concerns stemming from the situation in Ukraine,” said Christina Sakellaridis, president of the Panhellenic Exporters Association.

To be sure, the overall increase in Greek exports last year was, in part, driven by sharply higher energy prices with exports of petroleum products rising 67.6% in value terms to €11.25 billion, according to a separate analysis by the Greek Exporters Association based on the Elstat data. But every category of goods exports – including energy intensive industrial exports − rose by double digit amounts. Exports of manufactured goods, Greece’s second largest export sector by value, increased 27.7% last year to €6.22 billion.

Likewise, food exports rose 11.1% to €5.89 billion and exports of vegetable oils and animal fats – representing primarily olive oil – increased 28% to reach €729.9 million.

Greek exports rose across the board

Jan-Dec 2021Jan-Dec 2020% Change
Petroleum products€11.25 billion€6.72 billion67.6%
Manufactured goods€6.22 billion€4.87 billion27.7%
Food€5.89 billion€5.30 billion11.1%
Chemicals€5.65 billion€5.04 billion12.1%
Machinery/Vehicles€3.86 billion€3.26 billion18.6%
Misc. Industrial goods€2.94 billion€2.43 billion21.0%
Raw materials€1.88 billion€1.26 billion49.3%
Beverages/Tobacco€0.92 billion€0.80 billion16.3%
Fats/Vegetable oils€0.73 billion€0.57 billion28.0%
Other€0.53 billion€0.46 billion16.1%
Excluding petroleum products€28.64 billion€23.99 billion19.4%
Total€39.89 billion€30.71 billion29.9%
Source: Greek Exporters Association, Hellenic Statistical Authority