Greek exports in all major sectors set a new record in 2022, rising by double digits in the eleven months between January and November, according to the data released by the Hellenic Statistical Authority (ELSTAT) on Monday.
In the January–November period, the total value of exports amounted to €50.11 billion from €36.40 billion, up by 37.7 percent year-on-year. Even if oil products are excluded, Greek exports showed a significant increase, despite any effects of the war in Ukraine.
With the exception of raw materials, exports in all major sectors rose by double digits in those eleven months: 81.5 percent in fuel products, 32.3 percent in industrial products, 27.6 percent in machinery, 26 percent in oils, 21.5 percent in drinks and tobacco, and 18.5 percent in food.
The all-time high hit by Greek exports has been lauded by the Organisation for Economic Co-operation and Development (OECD) in an Economic Survey on Greece released on Tuesday.
“Exports of products and services are increasing and diversifying, reflecting the improvement in the competitiveness of the Greek economy,” the survey noted.
The survey further detailed that the recovery of the economy in Greece from the COVID-19 crisis was strong, supported by the continuation of reforms. It warned, however, that economic growth is likely to slow to just 1.1 percent this year from 5.1 percent in 2022, as soaring energy costs and continued uncertainty about the war in Ukraine hurt spending and investment.
Greek exports increase by 20.4 percent in November 2022
According to ELSTAT, the total value of exports in November 2022 came to €4.73 billion, an increase of 20.4 percent compared to November 2021.
Excluding fuel products, exports amounted to €3.19 billion from €2.80 billion. That is, they increased by €395.1 million or 14.1 percent, which confirms the enormous importance played by the growth of Greek exports of oil products and fuels by 35.6 percent.
A portion of the significant increase in the value of Greek exports can be attributed to the higher selling prices of items brought on by increases in the price of commodities globally.
The trade deficit also increases
Because of this, not only have exports increased dramatically, but the trade imbalance has also increased, surpassing thirty-five billion euros.
Imports, including fuel products, in January to November increased by €26.70 billion or 45.6 percent, reaching €85.27 billion compared to €58.56 billion a year earlier.
A significant increase was also recorded in imports in November. These increased annually by €1.62 billion, or 23.5 percent, to reach €8.49 billion against €6.88 billion in November 2021. Excluding oil products, imports of goods amounted to €5.18 billion from €4.73 billion, an increase of €449.2 million or 9.5 percent.
The trade deficit stood at €3.75 billion in November 2022, up by 27.5 percent compared to November 2021.