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Greek exports hit new high record

Greek exports hit new high, on track for record year

Greek merchandise exports continue to surge − extending the countrys decade-long export boom − pointing to another record year in 2022 orient the economy towards international markets.

For the first six months of the year, Greek exports of goods totaled €26 billion – well ahead of last years €18.6 billion for the same period – and already more than half way to surpassing total 2021 exports of €40 billion. The latest data, from the Hellenic Statistical Authority, show that Greek merchandise exports in June alone jumped almost 60% to €5.4 billion.

Much of the recent increase in the value of Greek exports has been fueled by rising prices for refined petroleum products worldwide. But excluding oil products, Greek exports still rose sharply, jumping 24% on year to €17.2 billion in the first half of the year. In June, non-oil exports were also up 24%. 

By 2023, Greece aims to increase exports of goods and services to the equivalent of 48% of GDP, up from about 41% last year and double the ratio of 12 years ago. As part of those efforts, Enterprise Greece has stepped up its initiatives to support exporters, offering new networking and consulting services, training and re-skilling seminars.

At the same time, Greeces export profile is also changing, particularly in the country’s fast growing tech sector. According to World Bank data, Greeces share of high-technology exports is approaching that of Germany. This reflects a significant policy shift toward supporting exports that comprises tax incentives for R&D, a reduction in the tax burden of labor and capital, facilitating the startup ecosystem, structural reforms, and other initiatives, say government officials, and which will help boost exports still further in the years ahead.

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.

World Expo 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.

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, 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. 
Clearly, entering China’s vast market is a success worth emulating by other Greek exporters.

Export Growth
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.

Ratings Upgrades
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% .

Hundreds of Greek business have been reaching out to international markets and re-focusing their production and services on exports.