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Trade with Greece
T
he year 2015 also saw major changes in the
structure and geographical targeting of Greek
exports. According to analysis by the
Panhellenic Exporters Association and the Export
Research Centre (KEEM) on provisional data for the
entire 2015, the total value of Greek exports decreased by
5.1% to 25.5 billion euros, from 26.9 billion euros in 2014.
Excluding, though, petroleum products, exports rose by
almost 7.8% to 17.9 billion euros from 16.6 billion euros in
2014.
Commenting on the findings of the analysis, as well as the
overall data concerning the Greek economy, PSE
President Christina Sakellaridi, stressed that “the per-
formance and growth of goods exports —excluding petro-
leum products— under extremely adverse circumstances
show the way forward with regard to actions and reforms
aimed at the recovery and transformation of Greece’s pro-
ductive model. These data become particularly relevant,
as they demonstrate the crucial nature of a minimum of
stability and normality in the business environment, in
conjunction with the utilisation of the existing export
potential.
“For example, had the export growth rate (excluding oil
products) recorded until June 2015 been sustained, an
additional 2.3 billion euros, as compared to 2014, would
have flown into the country, leaving a cumulative positive
imprint on public revenues, social security contributions,
and the preservation and creation of new jobs.
“In other words, the ‘shutting-down’ of banking borders
due to the imposition of capital controls had a greater
impact than the ‘black hole’ of the pensions system, lead-
ing to the imposition of new painful measures on Greece’s
economy and society.
“At the same time, the problems arising along Greece’s
physical borders, either because of farmer demonstra-
tions, or because of the refugee inflows and the Schengen
Agreement, add to our concern that the positive effect of
increased exports on GDP growth may be eliminated.
“The proper functioning of the country and its businesses
requires a National Action Plan, summed up by the trip-
tych: confidence, investment, exports.”
It should be noted that the European Commission, in its
winter forecast, revised upwards the estimates regarding
the growth of Greek exports of goods and services in
2016, citing an expected increase of 1.9% (against a pre-
vious forecast for a 1.2% increase), a rate that translates
into additional revenues of 1.1 billion euros (including
petroleum products) for the Greek economy, as compared
to last year.
Plummeting international fuel prices, in conjunction with
last May’s planned shutdown of Greek refineries, which
affected the overall growth of exports, also had an impact
on the geographical distribution of Greek exports.
However, it is worth noting that in the previous year devel-
oped markets (OECD countries, EU, euro zone, G7, North
America) performed better than developing countries.
In particular, total Greek exports to the EU-28 registered a
substantial increase (10.6%), rising to 53.3% of total
exports (from 45.6% of the total in 2014), mainly thanks to
a 13.5% increase in exports to euro zone countries, which
absorbed 37.3% of total Greek exports (as compared to
31.1% in 2014). Excluding petroleum products, the share
of EU countries skyrocketed to 65%, against a meagre
35% for Third Countries.
There was also a great increase in exports to North
America (+46.6%), to Other Countries of the Americas
(+128.5%) and African countries (+18.7%). Smaller per-
centage increases can be observed in exports to Other
EU (non-euro) countries (4.3%), Middle Eastern and
North African countries (1%), and Oceania (5.2%).
In contrast, there was great drop in exports recorded as
stores and provisions of ships flying either EU or Third
Country flags (-90.9% and -87.8% respectively), as well
as in exports to non-EU European countries (-33.8%).
There was also a drop in exports (-9.2%) to Asian coun-
tries (excluding the Middle East).
The year 2015 saw major
changes in the structure of
Greek exports
The top-10 categories of Greek exports to EU countries
Despite the fact that in 2015 Greek exports as a whole fell for a third
consecutive year, the performance of most individual sectors reached
record highs, amidst a very adverse economic environment.
