Turkey Absorbs Biggest Part of Greece’s Exports



9C4EB4421D72FD94CBD0B2A5A44138A3During the period from January to April 2013, Greek exports amounted to 8,933,100 euros, according to data released by the Panhellenic Exporters Association.

In comparison with the same period last year, there was an increase of 8 percent. At the same time, imports dropped by 6.6 percent and reached 15,394.2 million euros.
The country that absorbs the lion share of Greek exports is neighboring Turkey with 1,069,000 euros.

Indeed, an increase of 30.9 percent took place, compared to the first quarter of 2012.

Italy emerged as the second market in size for Greek products, where exports grew from 642.6 million euros to 883.1 million euros. Germany was third in importing goods from Greece, followed by Bulgaria and Cyprus.

Here is the table that contains the 20 countries where the most Greek exports take place:

Country

Exports in Millions of Euros

Turkey

1069.87

Italy

883.06

Germany

587.63

Bulgaria

418.24

USA

343.79

Cyprus

328.20

United Kingdom

266.42

France

236.69

Egypt

230.84

Libya

222.27

Spain

206.76

FYROM

202.00

Romania

180.67

Lebanon

171.12

Singapore

167.52

Algeria

166.54

Netherlands

150.73

Israel

145.90

China

128.54

Russia

114.80

From the figures published by the Panhellenic Exporters Association it occurs that there has been a sharp rise in Greek exports to Brazil (832.7 percent) and Morocco (741.1 percent). Greek exports did very well in South Korea as well where they reached 50.7 million euros marking a rise of 323.2 percent.

It is also worth mentioning that in Egypt Greece has almost doubled exports as their value amounted to 230.8 million euros compared to 117.2 million euros during the same period in 2012.

Here are the twenty countries where the largest rises in Greek exports took place:

 

CountryExports ValuePercentage of Rise
Brazil67.6832.7 %
Morocco113.3741.1 %
Niger0.5644.8 %
Countries and territories not specified0.327562.3 %
South Korea50.7323.3 %
Jordan16.2217.7 %
Latvia5.8144.8 %
Iraq9.2126.4%
Uzbekistan2.8125.1 %
Yemen1.2118.7 %
Qatar8.5109.7 %
Egypt230.896.9 %
Ireland11.188.8 %
Argentina3.370.5 %
Oman2.456.9 %
Mauritania1.949.3 %
Iceland0.946.2 %
Gabon0.1646.2 %
Armenia3.241.4%
New Zealand5.638.4 %

However, except for the 55 in total countries where there was an increase of exports, there are also forty countries where the value of Greek exports was decreased. It is important to mention the markets of India and China, two large markets, where the drop reached 15.4 percent and 7.2 percent correspondingly.
There was also a drop of 6.4 percent as far as Russia is concerned. In addition, in Cyprus where a large part of the Greek exports is absorbed there was a drop of 27.4 percent.

Regarding the imports that Greece carries out, Russia, Germany, Iraq, Italy and the Netherlands are the five countries from where Greece realizes the largest imports on the basis of the value of products imported. The rise of imports from Iraq was impressive as it reached 872.8 percent. Though the biggest rise in imports was from Oman, as the value of imports rose from 1.9 million euros to 88.2 million euros.

 

 


9 COMMENTS

  1. Like ive said before whats the point in maintaining interests with Russia and China when they hardly purchase any Greek exports.but make up the largest imports in Greece. No strategic value there I suggest Greek politicians abandon this fake interest and ties with Russia and China and focus on nations who truly help our exports out but we like to bash them otherwise i.e. Germany , USA.

  2. The majority of Greek exports to Turkey are petroleum products. Therefore, not sustainable in the long run. Perhaps a temporary phenomenon.

  3. The Greece-USA trade has turned into positive trade in 2012 (Greek surplus) after many, many years of deficits (going back to 1980). So that’s a keeper.

    The one with Germany is not healthy at all. Greece exported 1.7 Bil. euro worth of products to Germany last year and imported 4.7 Bil. euros in return which leaves her with a very negative 3 Bil. euro / year trade deficit with Germany.

    The other disturbing part about German trade is that whereas Germany outsells the average European country by 1.3 to 1 in Greece’s case the outsell ratio is 3 to 1 against Greece(almost 3 times the European average). That’s very disturbing given Greece’s present situation.

  4. Very true but Germany has always been one of Greece’s top export market. Now looking at the values of imports to exports historically Greece is a major net importer almost 3:1 in general. Greece simply does not have a export market and also its exports are low value vs high value of imports. The only way Greece can change that is if it develops high value commodities which I see it hard to do since it also has a small population to gain any significant investments in manufacturing. Shipping is the only way but Greece does not manufacture nor design anything for the shipping industry.

  5. Tony:

    I am not sure the 3:1 ratio is true in general.

    Last year(2012) Greece exported 27 Bil. euros and imported around 50 Bil. euros. So, that’s below 2:1 ratio and in fact it’s approaching 1.5 to 1 in 2013.

    A very large part of the Greek trade deficit is energy related (imported oil and gas).

    Since Germany exports almost zero energy products to Greece there is no particular reason for Germany to maintain a 3 to 1 trade advantage against Greece. As it turns out the biggest German export to Greece at the moment is overpriced pharmaceuticals this is why the Greek healthcare system is broken.

  6. Good article. It would be nice to have a further breakdown on what exactly is being exported/imported. to illustrate why there is a big trade imbalance. Our trade imbalance is largely due to the fact greeks are unproductive and unskilled. We simply cannot produce the products we buy at a competitive price point.

    The reason why Germans are net exporters is because they utilize technology to get productivity gains. In the case of China they use low wages. Clearly the former method is more desirable than the latter but for as long as Greeks bury their heads in the ground and fantasize low paying low skilled tourism jobs will be our salvation we will at best remain a second rate economy.

    If we want to dramatically improve our economy it will require scientists and business people that develop technology useful products people want. Thus a factory employing hundreds of unskilled low paid workers, can be replaced with a few high paid electrical engineers, software developers, etc.. to build robots to manufacturer cost competitively.

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