Greece Export Data

Greek Import/Export Overview and Domestic Market Update

Imports & Exports

• Top Trade Partners: Greece's major trading partners include Germany, Italy, China, and the United States, reflecting a mix of European and global economic ties.

• Top 5 Imports: Petroleum products, machinery, vehicles, pharmaceuticals, and iron/steel products account for a significant portion of Greek imports, with a combined share of approximately 30% of total imports.

• Top 5 Exports: Refined petroleum, tobacco products, fruits/vegetables, medicines, and aluminium account for a considerable part of Greece's exports, making up around 25% of total exports.

• Trade Balance: Greece typically runs a trade deficit, where the value of imports exceeds that of exports. Efforts are being made to diversify export markets and increase value-added products to address this imbalance.

• Policy Snapshot: Greek trade policies aim to facilitate the export of goods and services, while also protecting domestic industries from unfair foreign competition. There is a focus on enhancing trade agreements with non-EU countries to expand market access.

Domestic Market

• Consumer Spending: Consumer spending in Greece has shown resilience, supported by government stimulus measures and a gradual recovery in tourism. However, the effects of inflation are constraining purchasing power.

• Inflation & Interest Rates: Inflation has been on the rise, influenced by global energy prices and supply chain disruptions. The European Central Bank's interest rate adjustments aim to curb inflation without stifling economic recovery.

• Supply Chain Dynamics: Supply chains are recovering from pandemic-related disruptions, but face ongoing challenges from geopolitical tensions and the energy crisis. Businesses are seeking to optimize local sourcing to mitigate risks.

• Industry Highlights: The shipping sector remains robust, contributing significantly to the Greek economy. Tourism, agriculture, and the technology sector are also showing signs of growth, supported by government initiatives and foreign investment.

Overall Outlook

Despite facing challenges such as inflation and trade deficits, Greece's economy is poised for a steady recovery, bolstered by strategic investments in key industries and a focus on international trade diversification. The outlook for 2023 suggests a continuation of these trends, with an emphasis on sustainable growth and enhanced competitiveness on the global stage.