The rising rally of Greek exports continues with undiminished intensity, which have entered a trajectory of rapid growth against the adverse conditions created by the coronavirus pandemic in world trade, according to the Panhellenic Exporters Association (PSE).
According to ELSTAT data, last September the value of Greek exports recorded another big increase of 43.2%, highlighting the key position of extroversion in the recovery of the Greek economy.
This is a record percentage during the pandemic and everything shows that, except for the unexpected, we are heading towards another historical record of extroversion at the end of this year. At the same time, a source of constant concern is the widening of the trade deficit by 27.8%, which amounted to 2.11 billion euros in September 2021.
All sectors without exception played a catalytic role in the new large increase in Greek exports. More specifically, the most significant percentage increase for September 2021 is recorded by the sectors Petroleum-Fuels (+ 127.9%), Industrial (+ 41.2%), Chemical (+ 7.9%), Food ( + 13.4%), Machinery (+ 22.7%) and Miscellaneous Industrial (+ 36.2%). The lowest exports in value of Raw Materials (+ 32.9%), Beverages & Tobacco (+ 7%), Oils (+ 60.9%) and low-value exports of Confidential Products (+47) also show a significant increase. , 2%).
Commenting on the above President of the Panhellenic Exporters Association, Mrs. Christina Sakellaridis, stated the following:
As during the multi-year financial crisis, which tested the resilience of the economy and society, so during the pandemic, Greek exports remain in the “front line”, contributing catalytically to the country’s recovery and return to normalcy. No one can underestimate the difficulties arising from the surge in energy costs and international commodity prices, factors that significantly burden the competitiveness of Greek products and undermine the effort to expand into new markets. “Great victories”, when there is the appropriate support from the State “.
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 September 2021 as they increased by 1.11 billion. 43.2% and amounted to 3.70 billion euros compared to 2.58 billion euros in the same month of 2020. Excluding petroleum products, the increase is smaller by 20 percentage points, as they amounted to 2.55 billion euros from 2.08 billion euros, ie increased by 475.7 million euros or 22.9%, which confirms the great importance of the significant increase in Greek exports of petroleum and fuel by 127.9%.
However, a very large increase is recorded in imports in September 2021 as they increased by 1.57 billion euros or by 37.2% and amounted to 5.81 billion euros compared to 4.23 billion euros in the same month of the year 2020. Excluding petroleum products, imports of goods amounted to 4.33 billion euros from 3.67 billion euros, an increase of 658.2 million euros or 17.9%.
As a result of the above moves, the trade deficit increased in September 2021 by 459.6 million euros, or by 27.8%, to -2.11 billion euros from -1.65 billion euros in the corresponding month of 2020 Excluding petroleum products, the trade deficit also increased to -1.78 billion euros from -1.60 billion euros, ie by 182.5 million euros or 11.4%.
The strong increase in exports during the period February-September, halts the downward trend during the previous months, and leads to a spectacular increase in the country’s exports for the nine months of 2021. Specifically, exports in total in the period January-September increase by 6.24 billion euros or by 27.9% and amounted to 28.64 billion euros from 22.40 billion euros.
Similarly, excluding petroleum products, it is noteworthy that despite the pandemic and its effects, exports for the nine months of January-September are upwards compared to 2020, at 20.88 billion euros from 17.51 billion euros, ie increased by 3.37 billion euros or by 19.2%.
Imports (including petroleum products) in the period January-September 2021 increased by 9.15 billion euros or by 25.3%, with their total value amounting to 45.35 billion euros compared to 36.19 billion euros by the same period in 2020. Excluding petroleum products, imports increased to 34.50 billion euros from 29.20 billion euros, ie by 5.30 billion euros or by 18.1%.
As a result of the above, the trade deficit in the period January-September 2021 increased by 2.91 billion euros or by 21.1%, to -16.71 billion euros from -13.80 billion euros in the corresponding period 2020. Excluding petroleum products, the trade deficit increased to -13.62 billion euros from -11.69 billion euros, ie by 1.93 billion euros or -16.5%.
The course of exports by geographical area
Regarding the course of exports by geographical areas in September 2021, there is a large increase in shipments to EU countries. by 31.8% while to Third Countries a huge increase of 59.7% is recorded. When oil is excluded, the picture is almost balanced. Exports to EU countries increased by 23.2% while to Third Countries increased by 22.3%.
Regarding the percentage of exports directed to the markets of EU Member States, including petroleum products, this decreased by about five points and reached 54.6% compared to 59.3% compared to the corresponding month of 2020. The reverse is the picture recorded for the percentage of exports to Third Countries, which stood at 45.4% compared to 40.7%. Excluding petroleum products, the share of exports to EU countries is 67% and that of third countries to 33%.
Examining the distribution of exports for the period January-September 2021, it is found that the total value of exports, including petroleum products, increased to EU countries (20.3%) while significantly (38.3%) increased to Third countries. Excluding petroleum products, exports to the EU increased by 20.7% and this time increased to the Third Countries by 16.3%.
The course by industry
Regarding the large product categories, in September 2021, upward trends are recorded in all sectors without exception.
More specifically, the most significant percentage increase for September 2021 is recorded by the sectors Petroleum-Fuels (+ 127.9%), Industrial (+ 41.2%), Chemical (+ 7.9%), Food ( + 13.4%), Machinery (+ 22.7%) and Miscellaneous Industrial (+ 36.2%). The smallest exports of Raw Materials (+ 32.9%), Beverages & Tobacco (+ 7%), Oils (+ 60.9%) and the low-value Exports of Confidential Products (+47.2) also show a significant increase. %).
Examining the nine months January – September 2021, a significant increase is recorded by all major product categories, just as in the case of September 2021.
More specifically, the exports of Petroleum & Fuels (+ 59.4%), Industrial (+ 25.1%), Food (+ 9.9%), Chemical (+ 16.2%), Machinery (+20) are significantly increased. , 4%), Various Industrial (+ 20.2%), Raw Materials (+ 45.5%), Beverages & Tobacco (+ 15.8%), Oils (+ 36.4%) and Confidential Products (+10 , 1%).
Source From: Capital