Greek exports rose sharply by 47.2% in November, maintaining the positive momentum under extremely difficult and adverse conditions.
At the same time, however, there was a significant increase in imports (+ 63.3%), resulting in a further widening of the trade deficit (+ 93.1%). This is a worrying development, which makes it necessary to further support domestic production, as noted by the Panhellenic Exporters Association (PSE).
“In an extremely difficult environment, Greek exporters have again managed to hold high the flag of our country”, says the president of the Association, Christina Sakellaridis and adds: “We should not ignore the fact that Greek companies were called to face unprecedented situations during the health crisis, having already experienced a ten-year financial crisis.They proved to be fighters, and with patience and perseverance, managed to cope and complete a real feat, charting an impressive course. “For the course of Greek exports in the new year. Besides, the bases for the” big leap “are beginning to enter, with Extroversion now being the main pillar of the new development model.”
More specifically, 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, a huge increase is recorded in exports in November 2021 as they increased by 1.2 billion euros or by 47.2% and amounted to 3.90 billion euros compared to 2.65 billion euros in the same month of 2020. Excluding petroleum products, the increase is lower by 16 percentage points, as they amounted to 2.77 billion euros from 2.11 billion euros, ie increased by 664 million euros or 31.5%, which confirms the great importance of the most significant increase in Greek oil and fuel exports by 115.2%.
However, a very large increase is recorded in imports in November 2021 as they increased by 2.58 billion euros or by 63.3% and amounted to 6.67 billion euros compared to 4.08 billion euros in the same month of the year 2020. Excluding petroleum products, imports of goods amounted to 4.52 billion euros from 3.38 billion euros, ie increased by 1.15 billion euros or 34%.
As a result of the above moves, the trade deficit increased in November 2021 by 1.34 billion euros, or by 93.1%, to -2.77 billion euros from -1.43 billion euros in the corresponding month of 2020 Excluding petroleum products, the trade deficit also rose to -1.75 billion euros from -1.27 billion euros, or 485 million euros, or 38.3%.
The large increase in exports during the period February-November, stops the downward trend during the previous year, and leads to a spectacular increase in the country’s exports for the eleven months of 2021. Specifically, exports in total in the period January-November increase by 8.54 billion euros or by 30.8% and amounted to 36.31 billion euros from 27.77 billion euros.
Similarly, excluding petroleum products, it is noteworthy that despite the pandemic and its effects, exports for the eleven months of January-November are upwards compared to 2020, at 26.28 billion euros from 21.86 billion euros, ie increased by 4.42 billion euros or by 20.2%.
Imports (including petroleum products) in the period January-November 2021 increased by 13.53 billion euros or by 30.5%, with their total value amounting to 57.95 billion euros compared to 44.42 billion euros by the same period in 2020. Excluding petroleum products, imports increased to 43.27 billion euros from 36.16 billion euros, ie by 7.11 billion euros or 19.7%.
As a result of the above, the trade deficit in the period January-November 2021 increased by 4.99 billion euros or by 29.9%, to -21.64 billion euros from -16.66 billion euros in the corresponding period 2020. Excluding petroleum products, the trade deficit increased to -16.99 billion euros from -14.30 billion euros, ie by 2.70 billion euros or -18.9%.
The course of exports by geographical area
Regarding the course of exports by geographical areas in November 2021, there is a large increase in shipments to EU countries. by 35.3% while to Third Countries a very large increase of 62.9% is recorded. But when oil is excluded, the difference is cut. Exports to EU countries increased by 27.4% while to Third Countries increased by 38.7%.
Regarding the percentage of exports directed to the markets of EU Member States, including petroleum products, this decreased by about 4.5 points and reached 52.3% compared to 56.9% compared to the corresponding month of 2020. The opposite is the picture recorded for the percentage of exports to Third Countries, which stood at 47.7% compared to 43.1%. Excluding petroleum products, the share of exports to EU countries is 61.9% and that of third countries to 38.1%.
Examining the distribution of exports for the period January-November 2021, it is found that the total value of exports, including petroleum products, increased to EU countries (22.5%) while significantly (42%) increased to Third Countries . Excluding petroleum products, exports to EU countries increased by 21.1% and this time a smaller increase to Third Countries by 18.5%.
The course by industry
Regarding the large product categories, in November 2021, upward trends are recorded in all sectors, with the sole exception of the Oil sector (-1.6%).
More specifically, the most significant percentage increase for November 2021 is recorded by the sectors Petroleum-Fuels (+ 115.2%), Industrial (+ 44.6%), Food (+ 19.8%), Chemical ( + 9.8%), Machinery (+ 45.3%), Miscellaneous Industrial (+ 27.8%) and Raw Materials (+ 77.4%). The smallest exports of Beverages & Tobacco (+24.9) and the low exports of Confidential Products (+ 51.7%) show a significant increase.
Examining the eleven months January – November 2021, a significant increase is recorded by all major product categories, without exception.
More specifically, the exports of Petroleum & Fuels (+ 71.6%), Industrial (+ 27%), Food (+ 16.9%), Chemical (+ 7.8%), Machinery (+20.7) are significantly increased. %), Various Industrial (+ 21%), Raw Materials (+ 50.2%), Beverages & Tobacco (+ 15.5%), Oils (+ 32.5%) and Confidential Products (+ 17.7%) .
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
