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Greek Exports destination map
High volatility and sharp fluctuations are recorded in the analysis of Greek exports, in the first quarter of 2011, with respect to geographical areas. The reason is the March peak of exports to EU 25 member states (72% of total exports), with the remaining 28% of the exports destined to the rest of the world. By contrast, during the first two months of the year, a significant increase in exports was recorded, especially petroleum products, to third countries.On a quarterly basis and in relation to geographical areas, there was an overall increase by 21.8% of exports to developed (OECD) countries. This specifically involved a 17.6% increase to EU 15 member states, 18.3% increase to EU 25 member states and 19.6% increase to all EU countries.
An important increase was recorded in exports to EU enlargement countries (20.8%), to the North American countries (26.5%), other OECD countries (Iceland, Norway, Switzerland, Turkey, 40.5%), the Balkans (23.1%), the Commonwealth of Independent States (46.5%), the Middle East & North Africa (66.3%). There is nearly a quadrupling of exports to Southeast Asia (Taiwan, Indonesia, Singapore, Philippines, Hong Kong, South Korea, Thailand, 290%), and nearly a doubling of exports to Latin America (Argentina, Brazil, Bahamas, St. Vincent, Honduras, Panama, Chile, at 97.3%).
On the contrary, a reduction of exports is recorded to: other developed countries (Japan, Australia, New Zealand, 28%), African countries (excluding North Africa) -28.8%, as well as India (36.2%) and China (7.2%). The geographical destination of Greek exports was affected by the euro – US dollar exchange rate, by social and political developments in North African and Middle East countries, as well as by the impact on international trade of the earthquake and the tsunami in Japan.
Export products
As far as the main categories of export products are concerned, the rise largely comes from an increase in exports of fuel by 278%, of industrial products by 11.9%, and of agricultural products by 9%.
A large increase (100.7%) is also recorded in unclassified (confidential) products, while exports of raw materials decreased by 7.4%, as compared to the corresponding period of 2010. It should be noted that exports of raw materials have experienced significant increase in the last quarter of 2010.
These fluctuations resulted in further reduction of the share of the primary sector (from 25.1% in 2010 to 20.8% in 2011), of raw materials (from 6.7% to 4.7%) and of industrial products (from 58.3% to 49; 7%) in total Greek exports. However, there is a significant increase in fuel exports (from 7.2% in 2010 to 20.7% in 2011) and in unclassified items (from 2.7% to 4.1%).
Moreover, it should be noted that export reductions were recorded only in the following sub-categories: beverages-tobacco (17.7%), chemicals (11.1%) and miscellaneous industrial products (7.5%).