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Trade with Greece
I
n fact, the increase in exports from 18.36 billion euros
in 2015 to 18.59 billion euros last year was made
possible despite the pressures that re-emerged in
December in certain sectors, as a result of the negotia-
tions for the second review of the third bailout programme.
According to analysis by the Pan-Hellenic Exporters
Association and the Export Research Centre (KEEM), on
a year-on-year basis, the total value of exports fell to
25.11 billion euros in 2016 from 25.48 billion euros in
2015, reduced by 1.5% mainly because of the fluctuations
in the international prices for oil products (which account
for almost 30% of Greece’s total exports). It should be
noted that the losses of the petroleum product sector are
estimated at 690 million euros.
Excluding petroleum products, exports rose by 1.2% or
225.5 million euros to 18.59 billion euros, setting a new
record (at current prices).
In the 12-months of 2016, total Greek exports to EU coun-
tries increased by 2.9%, while total exports to Third
Countries decreased by 6.5%, leading to a ratio of 55.7%
in favour of EU member states (as compared to 44.3% of
Third Countries).
Excluding petroleum products, Greek exports to EU coun-
tries rose by 4.4%, while Greek exports to Third Countries
fell by 4.8%, largely reflecting the evolution of the
exchange rate of the euro against the dollar. As a result of
these changes, the percentage of Greek products that are
exported to the markets of EU member states now stands
at 67.8% (as compared to only 32.2% for Third Countries).
It is worth noting that, according to European Commission
estimates, Greek exports of goods and services are
expected to be the key pillar of Greece’s economic recov-
ery during 2017, increasing by almost 3.6% (and expect-
ed to increase by 4% in 2018). As a matter of fact, the
Commission estimates that, overall, EU imports will out-
grow European exports during 2017, whatever this may
mean for Greek products, which are mainly directed to EU
member-state markets.
On a year-on-year basis, Italy is still the number one des-
tination for Greek exports, while Germany remains sec-
ond. Cyprus is now third, above Turkey (3rd in 2015),
while Bulgaria, the US and the UK held their previous
year’s rankings (5th, 6th, and 7th respectively). The top-
10 is completed by Lebanon (up from the 9th place in
2015), Romania (up two places) and Egypt (down two
places).
Euro zone
On a regional basis, the 2.8% increase (from 7,504.8 mil-
lion euros to 9,772.2 million euros) of exports to the euro
zone, which accounted for 38.9% of total exports during
the year under review, resulted from the growth of exports
to the six top buyers of Greek products in the euro zone,
the only exception to this pattern being Italy – which,
nonetheless, remains the main destination of Greek
exports. Exports to Italy fell by 3.4% (from 2,909.3 million
euros to 2,810.3 million euros).
The increases recorded in the remaining 5 top buyers of
Greek products in the euro zone were the following
(ranked on the basis of export value):
• Exports to Germany rose by 4.1% (from 1,848 million
euros to 1,924 million euros);
• exports to Cyprus rose by 7.2% (from 1,416.5 million
euros to 1,519 million euros);
• exports to France rose by 7% (from 655.5 million euros
to 701.4 million euros);
• exports to Spain rose by 1.1% (from 689.4 million
euros to 697.2 million euros); and
• exports to the Netherlands rose by 20.9% (from 499.8
million euros to 604.1 million euros).
As regards exports to other euro zone countries, it is
worth noting the consistently high value of exports to
Belgium (down by only 0.2%, from 340.9 million euros to
340.3 million euros), the substantial increase of exports to
Slovenia (from 156.6 million euros to 210.1 million euros),
the growth of exports to Austria (from 188.9 million euros
to 198.4 million euros) and Portugal (from 144.8 million
euros to 160.2 million euros), and, on the opposite direc-
tion, the slight decrease of exports to Malta (by 1.5%, from
215.9 million euros to 212.7 million euros) and the larger
percentage decreases of exports to Finland (down by
16.5%, from 181.6 million euros to 151.6 million euros)
and Slovakia (-8.9%, from 85.8 million euros to 78.1 mil-
lion euros).
EU member states
Exports to non-euro zone EU member states rose by
3.2%, to 4,206 million euros from 4,076 million euros,
despite the decrease recorded in the two main destina-
tions of Greek exports in this group of countries. More
specifically, exports to Bulgaria were down by 2.2% (from
1,277.4 million euros to 1,249.4 million euros) and exports
to the UK were down by 1.6% (from 1,080 million euros to
The top-10 categories of Greek exports to EU countries
Greek exports performed remarkably well in 2016, hitting a new
record high for a second year in a row in terms of value, excluding
petroleum products.
Greek exports hit a record
high in 2016, with a remark-
able increase to the EU
