economy

At the same time, the figures coming from the trade deficit front are encouraging, which decreased significantly during the period under review (by 21.9%).

The sectors that stood out in January 2023 are Petroleum-Fuel (+61.1% compared to January 2022), Food & Livestock (+12.5%), Industrial (+9.8%) , Chemicals (+25.2%) and Machinery (+6.8%). This is followed by the Miscellaneous Industrial (+33.4%), Beverages & Tobacco (+37.5%) and Confidential Products (+3.2%) sectors, which are low in export value. A very significant increase was noted in the Oil industry (+250.6%).

Commenting on the above, the President of the Panhellenic Association of Exporters, Christina Sakellaridis, said: "We welcomed the performance of Greek exports for the first month of the new year with a sense of satisfaction. The significant rise observed only creates optimism for the continuation. Despite the headwinds still present in the international market (high interest rates, high inflation, increased energy and raw material prices) and uncertainty from the war in Ukraine, we expect the upward momentum to continue. Greek exporters have proven several times in the past that they are hard-learned. In this effort we certainly want and have the help of the State, in order for the... miracle of exports to become permanent".

In particular, according to an analysis by the Panhellenic Association of Exporters and the Center for Export Research and Studies (KEEM), based on the provisional data of EL-STAT, exports, including petroleum products, in January 2023 will increase by 1.03 billion euros or by 30.2% and amounted to 4.46 billion euros from 3.43 billion euros in the corresponding month of 2022. Excluding petroleum products, exports increased by 17.5% or by 429 million euros and reached 2.88 billion .euro from 2.45 billion euros.

Imports also moved upwards in January 2023, but at a significantly lower rate, as they expanded by 372.2 million euros or by 5.8% and reached

6.83 billion euros against 6.45 billion euros in the same month of the year 2022. Excluding petroleum products, imports of goods amounted to 4.67 billion euros from 4.49 billion euros, i.e. increased by 170.4 million euros or by 3.8%.

As a result of the above moves, the trade deficit narrowed significantly in January 2023 to just €2.36 billion from €3.03 billion in the corresponding month last year, i.e. a decrease of €662.7 million, or by -21.9%, Excluding petroleum products, the trade deficit reached -1.78 billion euros from -2.04 billion euros, that is, it shrank by 258.6 million euros, or by -12.7%.

The course of exports by geographical region

Regarding the course of exports by geographical regions in January 2023, a significant increase is observed both to the EU and to Third Countries. Specifically, the total value of exports, including oil products, increased to EU countries by 35.7% and to Third Countries by 23.9%. When petroleum products are excluded, exports recorded a lower intensity increase, to EU Countries by 19% and to Third Countries by 14.3%.

With reference to the percentage of exports directed to the markets of the member states, including petroleum products, it was 55.9% from 53.6% in January 2022, while the share of exports to Third Countries amounted to only 44.1% from 46.4% in January 2022. Excluding petroleum products, the share of exports to EU countries is 68.4% and to third countries at 31.6%.

The path by sector

Regarding the major product categories, in January 2023 upward trends are recorded for all sectors, with the sole exception of the Raw Materials sector (-10.5%). A significant percentage increase is observed in Petroleum-Fuels (+61.1%), in Food & Live Animals (+12.5%), in Industrial (+9.8%), in Chemicals (+25.2%) and Machinery (+6.8%).

They are followed by the sectors of Miscellaneous Industrial (+33.4%), Oils (+250.6%), Beverages & Tobacco (+37.5%) and the low-value exports, Confidential Products (+3.2 %), compared to January 2022.