Greece: The “battle” of the exports

Greece: The “battle” of the exports

Greek export companies are “fighting” to maintain the momentum they have gained in international markets, amidst an uncertain and extremely difficult environment.

As the Panhellenic Exporters’ Association (PEA) points out in its analysis, “the prevalence of the pandemic completely overturned the scenario in the world economy and inevitably affected the international demand for Greek products. Nevertheless, Greek exports in the first quarter of this year have withstood, proving once again they are a key pillar of the country’s development. In fact, with petroleum products excluded, Greek exports during the period under review managed to remain in positive territory against all adversity.

In particular, according to an analysis by the PEA and the Center for Export Studies and Research (KEEM) on ELSTAT’s provisional data, exports, including petroleum products, fell by 25m euros or by -0.3%, to 7,98 billion euros from 8.01 billion euros, while without petroleum products they increased to 5.94 billion euros from 5.66 billion euros, which translates to 277.6 million euros or 4.9%.

Italy and Germany

Italy continued to be the most important destination for Greek exports during the first quarter of 2020, while Germany was close second. They are followed by Cyprus and Bulgaria which jumped up the ranks and Turkey, for which the decrease in exports of Greek products (by -3.3%) resulted in tumbling down in the list of main destinations.

In the 6th place, up by two spots (from the 8th) is France, while the US climbed at the 7th place, winning 3 places (from the 10th). Spain made it to 8th place, up by one (from 9th), while Romania finished 9th compared to the 11th place in the first quarter of 2019. The United Kingdom seals the top-ten ranking, after dropping from the 7th place it held previously.

In addition to the top ten customers of Greek products for the first quarter of 2020, it is worth noting the rise in the ranking of China (11th place from 12th) and Hungary (26th place from 36th), as well as of Japan (24th place from 40th) in relation to the corresponding quarter of 2019.

Destinations

As for the destinations of Greek exports per economic union, there is an increase of 10.3% towards the EU, shipments to the 18 countries of the Eurozone increased by 9.1%, while exports to the OECD and G7 countries also surged by 7.6% and 16% respectively. However, exports to the rising BRICS scheme decreased by -18.6%, as well as to the OPEC oil-producing countries by -29.2%. With regards to the Gulf Cooperation Council countries, the contraction was reported at -43.4%.

Shipments of Greek products to the countries of the Black Sea Economic Cooperation (OSEP) rose by 4.8%, while regarding the countries of the Eurasian Economic Union they remained stagnant (-0.1%). Finally, low-value exports to MERCOSUR countries fell by -68.7%. /ibna