Sharp rise in trade with EU candidate countries
The volume of Greece’s external trade with the 13 candidate countries for membership in the European Union (EU) almost quadrupled in the last decade, according to data from the Panhellenic Exporters Association (PSE). The development, PSE says, will facilitate the smooth absorption of the inevitable realignments in trade which may be caused by the eventual entry of most of these countries. The value of Greek exports to the 13 countries – Estonia, Cyprus, Latvia, Lithuania, Malta, Hungary. Poland, Slovakia, Slovenia, the Czech Republic, Bulgaria, Romania and Turkey – rose 337 percent in the 1990-2000 period, and imports 224 percent, against increases in total Greek exports and imports of 34 and 45 percent respectively. The share of these countries in Greek exports shot up from 6.5 percent in 1990 to 21.3 percent in 2000, while imports from them rose more modestly, from 2.6 to 5.7 percent. As a whole, Greece’s trade balance with the 13 countries is in surplus, mainly due to a seven-fold increase in exports to Bulgaria and Romania and a five-fold rise in exports to Turkey. There is also a surplus in trade with Cyprus and Malta. The largest increase in imports was four-fold, from Bulgaria and Romania which are grouped together as they are projected to join after the first 10 countries (Turkey is a candidate but is not in negotiations and not estimated to join in the foreseeable future). Imports from the 10 countries doubled, and from Turkey rose 168 percent. Exports and imports to and from the 13 countries have been rising almost at the same rate over the last five years, as shown by annual average rates. Trade with the group of 10 countries is more akin in structure to the overall structure of its external trade, while that with Bulgaria, Romania and Turkey has more marked differences. The biggest portion of trade with the 13 candidate countries is conducted in collaboration with the EU. The exports of the 13 countries to the EU exceed 50 percent of their total, with the exceptions of Cyprus (48 percent), Lithuania (48 percent) and Malta (34 percent). Their imports are also more than 50 percent of their total, except Lithuania (43 percent), Bulgaria (44 percent) and Turkey and Slovakia (49 percent). Cyprus has the highest income per capita among the 13 countries (85 percent of the EU average), followed by Slovenia, which is projected to reach 75 percent of the EU average this year. Negotiations are considered to have progressed furthest with Malta, Estonia and Cyprus and the least with Romania, Bulgaria and Slovakia.
