PSE: Greek exports for June appear with two faces

Greek exports for the month of June appear with two faces, however proving their resilience under extremely adverse conditions. On the one hand, they continued their upward course, erasing for another month an increase of 59.8%, at the same time that imports appear to have increased by 53.5%. On the other hand, the trade deficit still remains a dark spot, which, despite its contraction, remained significantly inflated (42.7%).

Commenting on the above, the President of the Panhellenic Association of Exporters, Christina Sakellaridis, noted the following: “The war in Ukraine and the side effects in the energy and goods sector continues to exert strong pressure on the competitiveness of Greek products, making it difficult for Greek exporters. However, the coordinated plan of the Greek State to stimulate extroversion is paying off by maintaining the positive outlook. In any case, the growth trajectory does not allow for complacency. On the contrary, the sector is constantly on the alert in order to adapt its strategy and planning to the constantly changing conditions.”

According to an analysis by the Panhellenic Association of Exporters and the Center for Export Research and Studies (KEEM), on the provisional data of EL-STAT, regarding the major product categories, in June 2022 (compared to June 2021), rising trends for all industries without exception. More specifically, a strong percentage increase is recorded in the high-value categories: Petroleum-Fuels (+169%), Industrial (+42.9%), Food and Live Animals (+17.9%) and Chemicals (+14.8%) ). Exports of the Machinery (+6.7%) and Miscellaneous Industrial (+35.6%) categories also show an increase for June 2022. The lowest in value are Raw Materials (+1.8%) and Beverages & Tobacco. with +12.2%, compared to the corresponding period last year. In Confidential Products, a doubling of the value of exports is recorded (+100%), but their value is low. Finally, the exports of the Oils category are also slightly increased (+0.6%).

In more detail, exports recorded a very large increase in the month of June 2022 as well, as they increased by 2.03 billion euros or by 59.8% and reached 5.43 billion euros against 3.40 billion euros in the same month of the year 2021. Excluding petroleum products, the increase is significantly lower by almost 35 percentage points, as they reached 3.13 billion euros from 2.52 billion euros, that is, they increased by 608 million euros or by 24.1%, a fact that confirms the importance played by the increase in Greek exports of petroleum products and fuel by 169%.

The increase recorded in imports in June 2022 is also very large, as they increased by 2.88 billion euros or by 53.5% and reached 8.26 billion euros against 5.38 billion euros in the same month of the year 2021. Excluding petroleum products, imports of goods amounted to 5.31 billion euros from 4.23 billion euros, i.e. increased by 1.08 billion euros or by 25.6%.

As a result of the above movements, the trade deficit widened in June 2022 by 848 billion euros, or by 42.7%, to -2.84 billion euros from -1.99 billion euros in the corresponding month of 2021. Without petroleum products, the trade deficit also increased, to -2.18 billion euros from -1.70 billion euros, i.e. by 473 million euros or by 27.8%.

The large increase in exports with which 2021 “closed” (29.5%) continues and expands during the first six months of this year. In particular, exports as a whole between January and June increased by 7.40 billion euros or by 39.8% and amounted to 26.02 billion euros from 18.61 billion euros.

Likewise, excluding petroleum, it is notable that despite the pandemic with its effects and the war in Ukraine, exports for the January-June half are moving upwards compared to 2021, to 17.15 billion euros from 13.82 billion . euros, i.e. increased by 3.32 billion euros or by 24.1%.

Imports (including petroleum products) in the January-June 2022 semester increased enormously – by 14.75 billion euros or by 51.1%, with their total value standing at 43.61 billion euros against 28.86 billion .euros during the same period of the year 2021. Excluding petroleum products, imports increased to 30.10 billion euros from 22.44 billion euros, i.e. by 7.66 billion euros or by 34.1%.

As a result of the above, the trade deficit in the period January-June 2022 increased by 7.34 billion euros or by 71.6%, to -17.59 billion euros from -10.25 billion euros in the corresponding period of 2021. Excluding petroleum products, the trade deficit increased to -12.95 billion euros from -8.61 billion euros, i.e. by 4.34 billion euros or by 50.3%.

The course of exports by geographical region

Regarding the course of exports by geographical regions, in June 2022, there is a large increase in shipments to EU countries. by 47.1% while to Third Countries, an even greater increase of 75.6% is recorded. When petroleum products are excluded, exports register a greater increase to Third Countries by 35.4% and significantly less to EU Countries, with an increase of 18.8%.

Regarding the percentage of exports directed to the markets of EU member states, including oil products, it decreased by approximately 4.5 points and reached 51.2% compared to 55.6% in relation to the corresponding month of 2021. Conversely similar is the picture recorded for the percentage of exports to Third Countries, which was 48.8% against 44.4%. Without petroleum products, the share of exports to EU countries is 65.2% and to third countries at 34.8%.

Looking at the distribution of exports for the period January-June 2022, it can be seen that the total value of exports, including petroleum products, increased impressively to EU Countries (39.3%) as well as to Third Countries (40.4% ). Excluding petroleum products, exports to EU countries increased by 23.5% and slightly higher to Third Countries by 25.1%.

The path by sector

Regarding the major product categories, in June 2022 upward trends are recorded for all sectors without exception.

More specifically, a strong percentage increase is recorded in the high-value categories: Petroleum-Fuels (+169%), Industrial (+42.9%), Food and Live Animals (+17.9%) and Chemicals (+14.8%) ).

Exports of the Machinery (+6.7%) and Miscellaneous Industrial (+35.6%) categories also show an increase for June 2022. The lowest in value are Raw Materials (+1.8%) and Beverages & Tobacco. with +12.2%, compared to the corresponding period last year.

In Confidential Products, a doubling of the value of exports is recorded (+100%), but their value is low. Finally, the exports of the Oils category are also slightly increased (+0.6%).

Looking at the six months of January – June 2022, a significant increase is recorded in this case as well by all product sectors without exception.

The Petroleum-Fuel sectors by +88.1%, Industrial by +43.6% and Food and Live Animals by +18.3%. Parenthetically, the smallest increase in exports is shown by the particularly important category of Chemicals (+9.2%), followed by strong growth in the Machinery (27.8%) and Miscellaneous Industrial (25.8%) sectors.

An increase is also recorded in the categories of Raw Materials (11.6%), Beverages & Tobacco (7.7%) and Oils (5.7%), but with a noticeably lower value.
Finally, low-value exports of Confidential Products showed a strong increase of 51.6%.