timeliness

Italy continues to be the most important destination of Greek exports in 2022, while a very big surprise is Bulgaria, which occupies the second place, compared to the 5th place it held in 2021. Germany is next, to which the increase of of exports of Greek products (by 20.9%) in 2022, led to it falling to the 3rd place from the 2nd place and then Cyprus taking the 4th place from the 3rd place it held. They are followed by Turkey, which is in 5th place from the 4th place it held in 2021, the U.S. to which there is a large increase in exports (38.1%) and the United Kingdom in positions 6 and 7, for the U.S. one place higher, and for the United Kingdom two places higher, than the corresponding last year, due to the increase of exports by 64.5% to the United Kingdom. Spain is in 8th place (up from 10th) followed by Libya, to which there was an increase in Greek exports (by 83.7%), resulting in it occupying 9th place from the 12th place it held in 2021. The top ten of of the main destinations of Greek exports, Romania completes, which was in 8th place in 2021.

Apart from the top ten client countries of Greek products for the year 2022, it is worth noting the significant decrease in exports (-10%) and a big drop in the ranking of France (12th place from 6th), South Korea (20th from 13th ) with a 20.8% decrease and China (29th from 17th) with a 43% decrease compared to 2021, as well as the rise of North Macedonia (11th from 15th) with a 101% increase, Gibraltar (14th from 21st) with an increase of 132% and Malta (19th place from 32nd) with an increase of 117.9%.

Regarding the destinations of Greek exports per economic union, there is an increase of 40.9% to the EU. Shipments to the 18 countries of the Eurozone increased by 33.1%, while exports to almost all economic associations moved upwards with the only exceptions being exports to the Gulf countries (-8%), the BRICS countries (-19.2 %) and the Eurasian Economic Union (-13.2%). In more detail, to the OECD countries, an increase of 32.2% is recorded and to the G7 countries by 30.7%. Exports to the countries of the Black Sea Economic Cooperation (BSEC) increase by 54.5%, while to the countries of the Middle East & North Africa by 27.9%. This is followed by shipments of Greek products to North Africa (47%), OPEC countries (25.1%) and North America (35%). Finally, the smaller value exports to Sub-Saharan African countries increased by 73.4% and to MERCOSUR countries by 5.1% compared to 2021. Ship supplies doubled (108.3%) and from 0.2 €m which was last year reached €0.4m.

In terms of the composition of exports by major product categories, the increase of 37.1% results mainly from the strong upward trends in exports of fuel which are up by 78.5% and industrial products which are up by 22%. Exports of agricultural products also increased by 20.9%. Exports of raw materials show an increase of 2.9%, while the low-value exports of the category Goods & transactions unclassified increase by 28.4%.

Petroleum products are also for the twelve months of 2022, the main exportable product of the country, with an increase of 60.5% compared to the twelve months of 2021. Natural gas jumps to the 2nd place, from the 29th it held, with an increase of 1,189, 9%, as a result of the huge increase in its price due to the war in Ukraine, but also the tripling of the quantity compared to 2021. Medicines follow in 3rd place, leaving the 2nd place they held for years, with a decrease in their value by -14.1%, while aluminum products were in 4th place, with an increase of 36%, but down by one place from the 3rd place they occupied in 2021. The 5th place, from 7th, is occupied by the other cheeses, while the 6th, from 9th, the virgin oil in relation to the corresponding considered period of 2021 with an increase of 36.8%.

In the 7th and 8th place are the exports of fish and pipes of all kinds, for the fish falling in the order of ranking by one place, and for the pipes by three places, respectively, while in the 9th place rise, from the 10th, the exports of rods from aluminum. The top ten closes with the exports of other vegetables which, during the corresponding period of 2021, were in 8th place on the relevant list.

Imports in the period January – December 2022 increased by 27.36 billion euros or by 42.8%, with their total value reaching 91.21 billion euros compared to 63.86 billion euros during the twelve months of 2021. As as a result of the above movements, the trade deficit increased by 12.72 billion euros, or by 52.1% and reached -37.14 billion euros in the period under review from -24.42 billion euros in the year 2021.

Developments by geographic regions and countries

The country's export performance during the twelve months of 2022 recorded a very large increase and a new historical record. This increase is due both to the increasing trends recorded in Greek exports to the EU and to Third Countries. Specifically, the increase to the EU is 40%, while to Third Countries it is of the order of 32.9%. Exports to EU countries are now 55.1% of all Greek exports, compared to 44.9% to Third Countries.

In more detail, the shipments to the E.U. amounted to €29,533.4 million in 2022, from €20,963.1 million in 2021.

Exports to the Eurozone (18), increased by 33.1% (from €15,632.7 million to €20,809.7 million) and absorbed 38.5% of the country's total exports in the period under review. From the provisional data of ELSTAT, an increasing trend is recorded in exports to 17 of the 18 main destinations of the Eurozone. The exception is France, to which Greek shipments fluctuated at lower levels compared to the twelve months of 2021. More specifically, Greek shipments to France decreased by -10% and only touched €1,685.1 million from €1,871.7 million .€.

More specifically, looking at the other seventeen main destinations within the Eurozone: exports to Italy - the main destination country for Greek exports - show an increase of 42.4% (from €4,002.7 million to €5,701.5 million), when to in Germany there is an increase of 20.9% (from €2,924.8 million to €3,536.5 million). Cyprus follows with half a million difference, recording an increase of 25.8% (from €2,568 million to €3,231.5 million).

Next in line - based on the value of exports - is Spain with an almost doubling of exports (75.7% from €1,193.7 million to €2,097.2 million), the Netherlands which shows an increase in shipments by 33.9% (from €902.9 million to €1,209.3 million) and Malta with a more than doubling of Greek exports (117.9%) (from €334.5 million to €729.1 million). In the 8th place in the relevant list, exports to Belgium rose, which marked a large increase of 46.5% (from €474.2 million to €694.8 million), followed by exports to Slovenia, which increased by 37.1% (from €405.1 million to €555.7 million).