Exports to US, Canada and UK rise
Despite some progress over the past five years, Greek exports remain weak, but the UK and North American markets are becoming increasingly important, although the rest of the EU remains, by far, the main destination for Greek products, according to a National Bank of Greece study.
The study forecasts that, during the second half of 2024, Greek exports, in constant prices, will rise 3% compared to the same period in 2023.
In the first half, exports dropped 3.6% relative to the first half of 2023.
But the real dynamic of exports will not change significantly, partly due to difficult domestic and global conditions, the report warns. Its authors say that “Greek exporters are strongly fighting in the global goods export markets,” adopting aggressive strategies, especially by keeping prices low to make their products competitive.
As an EU country, Greece is still a minor player when it comes to exports: After a steady improvement since 2019, its share of EU exports remained steady this year at a paltry 0.53%.
The authors of the study also note a turn to markets on both sides of the Atlantic.
Specifically, Western and Eastern Europe and the Balkans, which absorb four fifths of Greece’s exports, remained relatively steady. But exports to the Middle East and Africa show a double-digit drop, while those to the Americas show a double-digit rise.
Exports to the UK and North America rose more than 20%. This is partly due to the difficulty in obtaining products that have to transit through the Suez canal and partly to individual exporters’ efforts to expand their footprint. Still, despite the progress, Greek exports to these markets concern a rather narrow range of products and relatively small volumes.
The 22% gain in exports to the US and Canada was partly – about half of the gain – due to metal products, such as steel bars, aluminum and metal tubes, while a quarter of the gain was due to higher exports of foods (olives, feta cheese and vegetables).
Exports to the UK rose 21%. Three quarters of the gain came from a single product, electrical conductors. Foods accounted for 15% of the gain and another 6% came from liquid crystal displays and telecoms equipment.
