Greek exports rise 37% year on year, setting a new high

According to figures provided by the Hellenic Statistical Authority (ELSTAT) on Monday, Greek exports in all main industries established a new high in 2022, increasing by double digits in the eleven months between January and November.

The total value of exports increased by 37.7 percent year on year between January and November, reaching €50.11 billion from €36.40 billion. Even when oil goods are omitted, Greek exports increased significantly, notwithstanding any effects of the Ukraine conflict.

With the exception of raw materials, exports increased by double digits in all major sectors during those eleven months: 81.5 percent for fuel products, 32.3 percent for industrial products, 27.6 percent for machinery, 26 percent for oils, 21.5 percent for drinks and tobacco, and 18.5 percent for food.

The Organisation for Economic Co-operation and Development (OECD) praised Greek exports for reaching an all-time high in an Economic Survey on Greece released on Tuesday.

“Exports of products and services are increasing and diversifying, reflecting the improvement in the competitiveness of the Greek economy,” the survey noted.

The study also revealed that Greece's economy recovered quickly from the COVID-19 crisis, thanks to the continuation of reforms. However, it warned that economic growth will likely fall to 1.1 percent this year, down from 5.1 percent in 2022, due to rising energy costs and prolonged uncertainty regarding the Ukraine conflict.

In November 2022, Greek exports improve by 20.4 percent.

According to ELSTAT, the overall value of exports in November 2022 was €4.73 billion, a 20.4 percent increase over November 2021.

Excluding petroleum goods, exports increased from €2.80 billion to €3.19 billion. That is, they climbed by €395.1 million, or 14.1 percent, confirming the huge importance of the 35.6 percent increase in Greek exports of oil products and fuels.

A portion of the large increase in the value of Greek exports can be attributed to increased selling prices of items caused by global commodity price hikes.

The trade deficit rises as well.

As a result, not only have exports expanded considerably, but the trade deficit has also increased, topping 35 billion euros.

Imports, including fuel goods, climbed by €26.70 billion or 45.6 percent from January to November, hitting €85.27 billion from €58.56 billion the previous year.

Imports increased significantly in November as well. These grew by €1.62 billion, or 23.5 percent, year on year, to €8.49 billion in November 2021, up from €6.88 billion in November 2021. Excluding oil products, imports of goods increased by €449.2 million or 9.5 percent to €5.18 billion from €4.73 billion.

In November 2022, the trade deficit was €3.75 billion, up 27.5 percent from November 2021.

By fLEXI tEAM