In search of support during the crisis, Greek companies have taken advantage of the dynamic course of international trade, with Greek exports rising by 37%, according to a study by the National Bank of Greece.
However, international dynamics were stronger, leading to a loss in international markets (from 0.21% to 0.16% over the last eight years). A new study by the National Bank of Greece’s Economic Analysis Division reveals a core of 18 “dynamic” products, accounting for 1/3 of Greek exports and 71% of exports (compared with 37% of total exports and 25% of other non-oil exports) over the period 2009-2017.
The aim of the study is to highlight these products, their special characteristics and their contribution to GDP.
More specifically, according to the study, the significant growth of international trade at the rate of 9% a year over the past eight years, driven by China (and secondarily Latin America, South Korea and South Africa), has created a favourable environment for the development of Greek exports. Greek exports outside the EU increased by 3% per annum during the crisis (against 7% a year earlier, mainly due to the decline in the USA, Albania and fYROMacedonia) while Greek exports within the EU maintained their annual growth rate in the pre-crisis period levels (6-7% per annum).
However, the picture is not uniform, and, during the crisis, 18 “dynamic” products that supported the domestic economy were featured, either by maintaining high shares that had already conquered the international markets (eg olive oil, marble ) or by achieving a significant increase (e.g. yogurt, pistachios, smoked fish). These dynamic products were the engine of the export effort, contributing 45% of the increase in Greek exports during 2009-2017. At the same time, they tripled their GDP support to 0.12% per annum over the same period (from 0.04% per annum before), while the contribution of other products fell from 0.34% to 0.08% per year…. / IBNA