Greek exports hit all-time high in 2022

Greek exports achieved a historic high in January–November 2022, which means that last year has set a new record.

To a certain extent, of course, the large increase in the value of Greek exports is due to the increased selling price of goods, stemming from global price hikes. These increases, combined with the full recovery of economic activity in 2022 and the great dependence that Greece still has on imports, have unfortunately not only  seen exports skyrocket, but also the trade deficit, which exceeded 35 billion euros.

According to data released by the Hellenic Statistical Authority (ELSTAT) on Monday, the total value of exports in November 2022 came to €4.73 billion, increased by 20.4% compared to November 2021.

Excluding fuel products, exports amounted to €3.19 billion from €2.80 billion, that is, they increased by €395.1 million or 14.1%, which confirms the enormous importance played by the growth of Greek exports of oil products and fuels by 35.6%.

With the exception of raw materials, exports in all major sectors rose by double digits in those 11 months: 81.5% in fuel products, 32.3% in industrial products, 27.6% in machinery, 26% in oils, 21.5 % in drinks and tobacco and 18.5% in food.

A significant increase was also recorded in imports in November. They grew annually by €1.62 billion, or 23.5%, to reach €8.49 billion against €6.88 billion in November 2021. Excluding oil products, imports of goods amounted to €5.18 billion from €4.73 billion, an increase of €449.2 million or 9.5%.

The trade deficit stood at €3.75 billion in November 2022, up 27.5% compared to November 2021.

In the January–November period, the total value of exports amounted to €50.11 billion from €36.40 billion, up 37.7% year-on-year. Even if oil products are excluded, Greek exports showed a significant increase, despite any effects from the war in Ukraine.

They reached €32.12 billion, increasing by €5.77 billion or 21.9%. Imports (including fuel products) in January-November increased by €26.70 billion or 45.6%, reaching €85.27 billion, compared to €58.56 billion a year earlier.

The trade deficit in the same period reached €35.15 billion, up 58.6%, while without oil products the deficit rose by 36.6% to €23.94 billion.