Greece: The lockdown knocks out Greek exports

Greece: The lockdown knocks out Greek exports

Greek exports appear to be the latest victim of the lockdown, as last spring one in 11 export companies in the country was placed in… quarantine. In fact, the official data released by the Hellenic Statistical Authority show that the total value of exports in the January-May five-month period nosedived by a double-digit percentage, and specifically by 13.5%, from € 14.09 billion to € 12,16 billion. In particular, the total value of exports of exporting companies in the March-May quarter amounted to 6.284 billion euros. In addition, projections from experimental statistics provide a forecast for the expectations of Greek export companies which, in terms of percentage change in exports of goods for the current year, is estimated at “9% in the 1st estimate” and “2% in the 2nd estimate”.

Businesses

As for exporting firms that suspended their operations (this effect is examined both in terms of the number of exporting companies and in terms of the value of the exports), it appears that exporting companies classified in NACE that suspended their business by state order due to Covid-19 accounted for 9.1% of all export companies in 2019.

At the same time, the enterprises of these branches of economic activity constitute 7.6% of the total enterprises that exported goods during the quarter between March and May 2019, and 6.4% for 2020 respectively.

The value of exports of goods of companies classified in NACE that shut down by state order due to Covid-19 constitutes 2.7% of the total value of exports of goods, in the year 2019.

Value

At the same time, the value of exports of goods of companies in these sectors of economic activity constitutes 2.3% and 2.1% of the total value of exports of goods during the period March-May last year and this year, respectively.

In terms of international trade in goods, the total value of exports in the five months fell to the amount of 12,165.8 million euros compared to 14,058.6 million euros in the same period last year, showing a decrease of 13.5%.

The largest decrease in the value of exports in the five months compared to the same period of 2019 is presented in the group “Fossil fuels, lubricants, etc.” by 39.8% while the largest increase in the group “Oils and fats of animal or vegetable origin”, by 43.1% /ibna