ECONOMICS - INDUSTRY & TRADE - EXPORT MARKETS   [Αρχική Σελίδα]










The Top 20 Export Markets of Greece in 2011 - Greece is reducing the deficit in its balance of Imports and Exports.


 

 


Total exports of Greece in 2009, when the first alarming signals of the upcoming financial storm became obvious, was only 14.6 billion Euros.

The following years Greek Exports Exports have increased to 16.3 billion Euros in 2010 and to 20.4 billion Euros in 2011, however total exports are not considered satisfactory in relation to the large export possibilities of the country.

Greece has had export activities with 217 countries; the following table lists the Top 20 most important export markets, which accounted for 77% of total exports of Greece in 2011.

 

TABLE 1: TOP 20 EXPORT MARKETS OF GREECE in 2011* 

S/N

2011

COUNTRY

VALUE

Million Euros

S/N

2010

1

ITALY

2,123.80

2

2

GERMANY

1,763.50

1

3

TURKEY

1,752.30

6

4

CYPRUS

1,367.70

3

5

Supplies of Ships to third countries

1,348.60

13

6

BULGARIA

1,239.20

4

7

UNITED STATES OF AMERICA

1,191.80

7

8

GREAT BRITAIN

890.60

5

9

FRANCE

651.00

8

10

ROMANIA

596.50

9

11

SINGAROURE

587.20

33

12

Former Yugoslav Republic of Macedonia

527.60

14

13

SPAIN

459.70

11

14

NETHERLANDS

458.20

12

15

ALBANIA

425.80

10

16

RUSSIA

394.30

15

17

UNITED ARAB EMIRATES

379.80

20

18

GIBRALTAR

358.60

39

19

ALGERIA

355.10

18

20

EGYPT

346.10

19

* Source: Panhellenic Exporters Association   Value: In million Euros, according to provisional figures of the Greek Statistical Authority.       Table: L. Koumakis

 


The positive trend of Greek exports continues during the first quarter of 2012 as well. Specifically, during April 2012, according to provisional figures of the Greek Statistical Authority, Greek exports increased by +6.9% (2,035.2 million € as compared to 1,903.5 million in April 2011), figures exclude the fuel segment where total exports increased only by +0.3%. 

For the total first quarter of 2012, Greek exports excluding fuel segment, always according to provisional figures of the Greek Statistical Authority, increased by +5.3% (5,352 million versus 5,086 million of previous year). Including the fuel segment total Greek exports during first quarter of 2012 increased by + 14.2%, as shown in following Table 2:


TABLE 2:

TOTAL GREEK EXPORTS / FIRST QUARTER 2012*

 

  Months

YEAR: 2012

Billion Euros

YEAR: 2011

Billion Euros

Difference

JANUARY

1,680.4

1,437.3

 

FEBRUARY

1,873.2

1,487.7

 

MARCH

2,055.6

1,861.7

 

APRIL

2,035.2

1,903.5

 

TOTAL

7,644.2

6,690.2

+14,2%

*Provisional figures of the Greek Statistical Authority.     Table: L. Koumakis

 

 

Unlike the continuing positive trend of Greek exports, severe recession sweeping the Greek economy, supported by the improving preference of local products by Greek consumers, lead the total imports to a decrease of -13.3% in April 2012 (3,229.6 million Euros versus 3,725 million Euros of April 2011). During the first quarter of 2012 the total Greek imports decreased by -12.48% as shown in the following Table 3:

TABLE 3:

TOTAL GREEK IMPORTS / FIRST QUARTER 2012*

 

  Months

YEAR: 2012

Billion Euros

YEAR: 2011

Billion Euros

Difference

JANUARY

3,097.6

3,916.4

 

FEBRUARY

3,094.0

3,759.6

 

MARCH

4,130.7

4,083.9

 

APRIL

3,229.6

3,725.0

 

TOTAL

13,551.9

15,484.9

-12,48%

*Provisional figures of the Greek Statistical Authority.    Table: L. Koumakis


According to preliminary data above, Greece continues to create deficit in the Trade Balance (Imports/Exports) during the first quarter of 2012. Following Table 4 indicates Greek deficit in total Import / Exports from 2008:

 

TABLE 4: BALANCE OF TOTAL IMPORTS AND TOTAL EXPORTS in Billion Euros

 

YEAR

Total Imports

Total Exports

Balance

2008

62,658

17,931

-44,729

2009

49,767

14,684

-35,083

2010

48,107

16,392

-31,715

2011

43,272

20,450

-22,822

F. Q. 2012

13,552

7,644

 -5,907

Table: L. Koumakis  – Source: Updated figures (March, 2012) by Greek Statistical Authority

 

It is obvious that in order for Greece to control the trade balance deficit and thus improve her economy, imports would have to be reduced while exports would have to be drastically improved.

 

 


As a result of continued reductions in salaries and pensions combined with the surge in unemployment to levels unknown to the Greeks since the Second World War the economic crisis has seriously affected the consumption in Greece. Greek consumers do not buy now imported products as easily as they did in the past; inevitably this led to lower imports.

On the other hand, the active support of the Greek Diaspora and all Philhellenes around the world buying Greek Products wherever they are offer invaluable assistance to Greece thus leading to higher Greek exports.

If this trend is maintained throughout the crucial third and last quarter of 2012 and provided that both Greek Diaspora and Philhellenes around the world, continue to buy products «Produced in Greece», it would be possible for Greece to reduce the deficit in the balance of Imports / Exports from 44 Billion in 2008 to 15 billion in 2012! 

Leonidas Koumakis*

August 7, 2012

lk@kbanalysis.com 

 

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*Leonidas Koumakis was born in Constantinople (Istanbul). He studied law at Athens University and for three decades was employed as Export Manager in Greek wine industry, travelled in 4 of the 5 continents of the planet, establishing an extensive distribution network in 32 countries. He is the author of The Miracle-A True Story (1992, fourth edition 2008) and Glance at the Roots of Hellenism (1997).

 

 



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