Greek Exports Drop by 8.1% in 4-Year Low


The total value of exports dropped by 8.1 percent beneath 12 billion euros in the first six months of 2016 – ending at lower levels than in 2012. There was a reduction in fuel products (-1.3 percent or 119 million euros less than the first semester of the previous year.) The Greek Exports Association (PSE) points to various problems in the sector that include liquidity deficits, capital controls, money owed by the Public Sector, delays in National Strategic Reference Framework (NSRF) programs, “red” non-performing loans, over-taxation and more. For this reason, the Greek export potential is lagging behind.

There has been a significant drop in fuel exports (-24.1 percent) as well as exports of raw materials (-14.5 percent). Industrial products make up 46.5 percent of total exports. On the positive end of the spectrum, agricultural products have risen by 6 percent with the greatest increases noted in the export of Greek cheeses, oranges and tobacco.

Products that entered Greece’s top 100 exported products for the first time were canvas boards for painting, hard wheat, mushrooms, memory cards, books and ice cream.

Most Greek exports went to Italy, followed by Germany in second place. Cyprus became the third most important export partner for Greece, surpassing Turkey for the first time that dropped to fourth place. Exports also went to Bulgaria (fifth place), the United Kingdom (sixth place), the United States (seventh), Lebanon (eighth), Romania (ninth) and Spain (tenth).