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Greek Exporters in new markets
Greek exports see shift towards new markets
Greek exports are seeing a shift towards new markets, gaining ground with wealthier and more sophisticated consumers and away from weaker, price sensitive buyers. The changing export profile confirms how Greek exports are climbing the value-added chain and increasingly commanding premium prices abroad.
Based on data for the first six months of 2020, the value of Greek exports has jumped by double digit amounts in certain key markets. In Western Europe, Greek exports to Germany rose 11.7% in value compared with a year earlier; were up 36.2% to France, and increased 10.2% to Holland. In East Asia, the value of Greek exports to Japan increased 95.9% in the past year, and rose 69.3% to South Korea.
Greek saffron exporters show the way
The Greek saffron producers cooperative of Kozani announced it was readying its first export shipment to China. We congratulate them on their success and observe how their success is a model for many other fine Greek products.
Saffron has been cultivated in Greece since the Bronze Age and has been prized across civilizations for millennia. But the contemporary history of Greek saffron begins in the 1960s when the saffron producers of Kozani joined together to form a cooperative.
The aim of the cooperative, which now consists of roughly 1,000 members, was to enjoy better prices for their product. But other initiatives have followed. In the last 30 years, the cooperative has charted a bold course: receiving ISO certification, PDO protection, and striking an investment partnership with Greece’s Korres natural products brand.
Clearly, entering China’s vast market is a success worth emulating by other Greek exporters. But so too is the dynamic entrepreneurialism of the saffron producers of Kozani.
Greek exports of goods and services topped €25 billion in the first three quarters of the year, according to the latest data, putting the country on track for another record year of exports. For the nine months to September, exports rose 2.4% from a year earlier to €25.3 billion, and were up 6.1% in September alone,
according to the Hellenic Statistical Authority.
International ratings agency Standard & Poor’s raised its credit rating for Greece by one notch to BB- and maintained its positive outlook for the country. The company also lifted its rating for the Hellenic Telecommunications Organization (OTE) one notch to BBB-, moving it into investment grade. Separately, Canadian ratings agency DBRS upgraded its outlook for Greece to positive from stable.
Greek Exporters - Enter New Markets
Greek exports are entering new markets around the world – from South Asia to South America to the Caribbean – supporting the country’s economic recovery and demonstrating the growing competitiveness of Greek enterprises.
In the last two years, Greece has seen a surge in worldwide exports, up 13.2% last year, to a record high of €28.5 billion. The export boom has been driven both by rising demand from traditional European Union trading partners, as well as first time ever Greek exports to new trading partners.
According to a recent analysis by the Panhellenic Exporters Association, Greek products were exported to more than half-a-dozen new markets in 2017 including: Pakistan, Belarus, the British Virgin Islands, the Ivory Coast, Cape Verde and Trinidad & Tobago, among others.
The analysis shows that the share of Greek exports to non-EU countries rose to 46.9% of total exports, up from a 44.3% share in 2016.
As Greece has emerged from its recent financial crisis, hundreds of Greek business have been reaching out to international markets and re-focusing their production and services on exports.
Greek companies expand presence in Middle East.
From Dubai to Baghdad to Cairo, Greek companies are tapping the fast growing markets of the Middle East as the region enters a new growth cycle lifted by major international events and post-conflict reconstruction.
Next year’s World Expo 2020 is fueling a construction boom in Dubai, while the 2022 World Cup in Qatar has led to a spurt in infrastructure spending. In Iraq, the World Bank estimates the country will need almost $90 billion for reconstruction following decades of conflict, while similar efforts may soon be needed in Syria.
In the past several years, Greek companies have been increasingly exporting their products and services to the region. This month Greece was the honored country at The Big 5 Construct Egypt trade fair, and Greek companies participated in The Hotel Show Dubai, the leading hospitality design and supplies exhibition in the Gulf region.