mainly because of 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 by 225.5 million euros, to 18.59 billion
euros (from 18.36 billion euros in 2015).
In the 12-months of 2016, total Greek exports to
EU countries increased by 1.8%, while total
exports to Third Countries decreased by 6.1%,
leading to a ratio of 56.2% in favour of EU mem-
ber states (as compared to 43.8% of Third
Countries).
Excluding petroleum products, Greek exports to
EU countries 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 export-
ed to the markets of EU member states now
stands at 67.8% (as compared to only 32.2% for
Third Countries).
Export growth per sector
Despite the apparent underperformance of last
December, it should be noted that only two sec-
tors actually fell (olive oil by -32.5% and machin-
ery by -24.8%), while the exports of the other 8
sectors increased. Petroleum product exports
registered strong growth (+29%), while food prod-
ucts retained their growth momentum (+11.3%).
Nonetheless, volatility and uncertainty in interna-
tional markets throughout the entire 12-month
period meant that the exports of 6 sectors fell,
while the exports of 4 sectors increased.
More specifically, positive growth rates were
recorded by the food products (+9.8%), bever-
ages-tobacco (+10.5%), chemicals (+0.5%), and
miscellaneous manufactured articles (+6.9%)
sectors. In contrast, there was a decrease in the
exports of raw materials (-1%), petroleum prod-
Trade with Greece
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