Greek Exports: General expo goes down while f&b goes up

Greek exports
Aerial drone photo of industrial container terminal in commercial port of Piraeus, Perama, Attica, Greece

Greek exports moved downwards in February 2024, continuing the same course as in January this year, however, a significant increase was observed in the food sector, according to the data released by SEVE (Greek Exporters Association). The country’s total exports exceeded a total of 7.9 billion Euros in the first two months of 2024. In February 2024, compared to February 2023, exports decreased by 518.9 million euros, i.e. 11.6%, while imports increased by 251.1 million Euros (3.7%).

Significant increase in the food industry
Within the same report, SEVE data showed a significant increase in the food industry, by 122.9 million Euros, compared to the corresponding period last year. The specific increase reached 11.7%. Also, an increase was observed in the beverage and tobacco sector, by 29.7 million Euros. A decrease in exports in sectors of interest to the food and beverage industry was observed in fats and oils, by a high of 48.5%, i.e. by 198.1 million Euros. Raw materials for foreign industries also fell, in all production branches, by 47.7 million Euros, i.e. by 14.8% in percentage terms.

Increased trade deficit
The decrease in Greece’s total exports led to an increase in the country’s trade deficit by 770 million Euros, i.e. by a significant 34%. According to the corresponding figures announced by the Hellenic Statistical Authority (ELSTAT) and processed by SEVE’s Institute of Export Research and Studies (ΙΕRS), the value of Greek exports amounted to €3.96 billion in February this year, compared to €4.48 billion Euros of last year. In contrast, imports moved upwards, from €6.75 billion last year, to €7 billion this year. The goods trade balance remained in deficit by €3.03 billion.

However, the reduction in the value of Greek exports, not including petroleum products, was judged by SEVE to be “imperceptible”. In the first two months of 2024, exports exceeded 7.9 billion Euros, down by 11.4% and 1.03 billion Euros, compared to the first two months of 2023. Accordingly, imports amounted to 5.2 billion Euros, from 4.8 billion Euros in February 2023, with a trade deficit of 2.28 billion Euros, an increase of 443.5 million Euros.

Regarding the destinations Greek goods were sent, the EU member states absorbed most, specifically an impressive 55.5%, while third countries absorbed 44.5%. Excluding petroleum products, the percentages were 66.1% within the EU and 33.9% to third countries.