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Trade with Greece
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(including petroleum products) during the period
2009-2011 stands at 52.9%, from 14.68 billion
euros to 22.45 billion euros. Excluding petroleum
products this increase is limited to 15.17% (from
13.39 billion euros to 16.01 billion euros).
It is worth noting that there is almost total equilib-
rium between exports to EU countries (50.6%)
and exports to Third Countries (49.4%) as per-
centages of the total value of exports (22.45 bil-
lion euros). Excluding petroleum products, the
share of exports to the European Union stands at
65.4%, “corroborating the importance of our
European trading partners for the country's for-
eign trade”, as stressed by the President of the
PSE, Christina Sakellaridi.
Ms. Sakellaridi also added that “the increase of
exports to more than 10.3% of the country's GDP
for the first time since 2000 demonstrates the
importance of extroversion for the country's eco-
nomic life and viability. Abolishing all export disin-
centives, enhancing the liquidity of Greek
exporters –the healthiest and most dynamic cells
of the Greek economy– and extending an aggres-
sive national extroversion strategy to key target
markets for Greek products, becomes more nec-
essary than ever before.”
Ms. Sakellaridi reminded that “the slowdown in
export growth during the last months of 2011,
along with the estimates of recession or limited
growth in the Euro zone, are lowering the bar in
regard to expectations for the near future. We
should defy these estimates by rallying around,
and increasing our support to, Greek exporters,
also showing increased resolve and effectiveness
in all efforts aimed at enhancing the country's
international profile. A drop in export growth
would plunge the country in deeper recession,
causing more layoffs and pushing back the
prospect of recovery. The extroversion of the
Greek economy is a matter of national impor-
tance.”
Despite the adverse economic situation, exports
continue to grow, said the Managing Director of
the Hellenic Foreign Trade Board, Alkiviadis
Kalambokis, who pointed out that, based on the
data available up to now, we have good reason to
be optimistic for the year 2012, the target for
which is to resume positive, double-digit export
growth.
As stressed by Mr. Kalambokis, all export sectors,
from petroleum products to construction and
industrial materials and food, are doing rather
well, while the export base is also being widened.
In other words, more Greek companies decide to
export.
Greek foreign trade as % of GDP
According to ELSTAT estimates, the gross
domestic product, in current prices, for 2011 (non-
seasonally adjusted figures) stood at 215.2 billion
euros. Greek exports (including petroleum prod-
ucts) as a percentage of GDP for the year 2011
stood at 10.4%, increased by 3.2 percentage
points compared to the previous year. The
improvement of the Greek economy's export per-
formance is not only due to export growth, but
also due to the contraction of the country's GDP.
Similarly, Greek imports (including petroleum
products) as a percentage of GDP for the year