economy

The "protagonists" of the rise were the Petroleum & Fuels (+78.7%), Industrial (+30.1%), Food (+17.6%), Chemicals (+6.7%), Machinery (+ 28.2%), Miscellaneous Industrials (+27.2%), Raw Materials (+2.8%), Beverages & Tobacco (+24.5%), Oils (+43.4%) and Confidential Products (+ 28.7%).

At the same time, an open wound is the trade deficit which expanded further at an alarming rate (50.7%) and imports which showed an increase of 42.2%.

Commenting on the above, the President of the Panhellenic Association of Exporters, Christina Sakellaridis, states the following: "Once again, Greek exports have managed to set yet another historic record. Despite all the adversities and the unfavorable environment that prevails in the international markets, Greek companies succeeded in expanding their footprint and channeling even more Greek products abroad. With the assistance of the State and the implementation of the National Strategic Outsourcing Plan, Greek Exporters prove that they have the potential to go even higher and conquer new peaks. On the other hand, the constant increase in imports and the further widening of the trade deficit are a source of permanent concern. This is an image that hurts us and needs to be reversed through targeted and systematic measures. The process of rebuilding domestic production must be intensified and efforts made more systematic and methodical. In an uncertain and precarious international environment, such as the current one with high inflation, expensive interest rates, the energy crisis and the protectionist policies followed by the world's powerful economies, shielding the primary sector is more than imperative. The feeling that exists in the world of Greek exporters is that if something does not happen that will drastically change the scene in the Greek and global economy, 2023 will be another successful year for the sector."

In more detail, 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 ELSTAT, a large increase is recorded in the course of exports during the month of December 2022 as exports increased by 925.1 million. euros or by 25.7% and amounted to 4.53 billion euros against 3.60 billion euros during the same month of the year 2021.

Excluding petroleum products, the increase is smaller by approximately 10 points, as they amounted to 3.03 billion euros from 2.61 billion euros, that is, they increased by 420.4 million euros or by 16.1%, which confirms the huge importance played by the increase in Greek exports of petroleum products and fuel by 50.3%.

However, an increase is also recorded, albeit significantly smaller than that of exports, in imports in December 2022 as they increased by 576.5 million euros or by 8.4% and reached 7.47 billion euros compared to 6.89 billion. euros during the same month of the year 2021. Excluding petroleum products, imports of goods amounted to 5.16 billion euros from 5.01 billion euros, that is, they increased by 155.1 million euros or by 3.1%.

As a result of the above movements, the trade deficit decreased in December 2022 by 348.6 million euros, or by 10.6%, to 2.94 billion euros from 3.29 billion euros in the corresponding month of 2021. Without petroleum products, the trade deficit decreased, to 2.13 billion euros from 2.40 billion euros, i.e. by 265.3 million euros or by 11.1%.

This year's increase in the country's exports for the twelve months of 2022 is strong. In particular, exports as a whole in the January-December period increased by 14.68 billion euros or by 36.7% and amounted to 54.68 billion euros from 40 billion euros.

Similarly, excluding petroleum, it is notable that despite the pandemic and the war in Ukraine, exports for the twelve months of January-December are moving upwards compared to 2021, to €35.16 billion from €28.96 billion, i.e. increased by 6.20 billion euros or by 21.4%.

Imports (including petroleum products) in the period January-December 2022 increased by 27.59 billion euros or by 42.2%, with their total value reaching 93.05 billion euros against 65.46 billion euros in the same period of the year 2021. Excluding petroleum products, imports increased to 61.56 billion euros from 48.88 billion euros, i.e. by 12.68 billion euros or by 25.9%.

As a result of the above, the trade deficit in the period January-December 2022 increased by 12.91 billion euros, or by 50.7%, to 38.37 billion euros from 25.46 billion euros in the corresponding period of 2021. Excluding petroleum products, the trade deficit rose to €26.40 billion from €19.92 billion, an increase of €6.48 billion or 32.5%.