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SEVE: Export jump in the first quarter – negative record in trade deficit

Greek exports recorded a significant increase in the first quarter of 2022, exceeding € 11 billion for the first time in history. This performance was higher compared to both the first quarter of 2021 and 2020 by € 2.8 billion (32.0%) and € 3.6 billion (45.2%) respectively.

However, the trade deficit also recorded a negative record as it reached € 8.5 billion due to the jump in imports to the amount of € 20.1 billion.

According to the data announced today 06.05.2022 by the Hellenic Statistical Authority and processed by the Institute of Export Research and Studies (IEES) of SEVE, the export performance in March amounted to € 4,510.9 million compared to € 3,356.1 million in March of 2021 and € 2,470.7 million in March 2020, with the difference being € 1,154.8 million (34.4%) and € 2,040.2 million (82.6%) respectively. Imports also increased by € 1,436.0 (26.3%) compared to the corresponding month of 2021, amounting to € 6,896.1 million, thus forming a trade deficit of € 2,385.2 million, the which was higher by € 281.2 million (13.4%) than the corresponding deficit of March 2021.

SEVE: Export jump in the first quarter - negative record in trade deficit

With the exception of petroleum products, trade in March did not differ significantly. Analytically, exports amounted to € 3,099.2 million compared to € 2,506.4 million in March 2021 with an increase of € 592.8 million (23.7%), imports amounted to € 5,138.5 million compared to € 4,280.6 million in March 2021 with an increase of € 857.9 million (20.0%) and the trade deficit amounted to € 2,039.3 million compared to € 1,774.2 million. in March 2021, with its increase amounting to € 265.1 million (14.9%).

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From the amount of € 7,983.1 million in the first quarter of 2020 and € 8,785.4 million in the first quarter of 2021, Greek exports amounted to a high of € 11,593.2 million in the first quarter of 2022 with their increase amounting to € 2,807.8 million (32.0%) compared to last year and € 3,610.1 million (45.2%) compared to the previous year. Similarly, imports amounted to € 20,069.6 million from € 13,529.2 million in the first quarter of 2021 and € 13,272.8 million in the first quarter of 2020, increasing by € 6,540.4 million (48 , 3%) and € 6,796.8 million (51.2%) respectively. The trade deficit amounted to € 8,476.4 million in the first quarter of 2022 compared to € 4,743.8 million last year, with the increase amounting to € 3,732.6 million, ie 78.7%. Excluding petroleum products, exports increased by € 1,599.0 million and amounted to € 8,257.2 million, while imports increased by € 3,490.5 million and amounted to € 14,100.2 million.

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At the sectoral level, the first quarter of 2022 was accompanied by an increase in exports of all sub-categories compared to the periods of the previous two years with the most important one being industrial products (€ 540.0 million, ie 38.9%). Exports of food (€ 224.7 million, ie 16.1%), chemicals (€ 92.2 million, ie 6.5%), machinery and vehicles also recorded a significant increase compared to the first quarter of 2021. (€ 355.2 million, ie 43.7%), various industrial (€ 139.9 million, ie 21.7%), raw materials (€ 64.0 million, ie 14.0%), beverages and tobacco (€ 17.9 million, ie 8.4%), fats and oils (€ 27.8 million, ie 14.9%) and non-classified products (€ 60.5 million, ie 55.1 million). %).

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Regarding the most important destinations where Greek products were shipped in the first quarter of 2022, the EU countries. (27) dominated, absorbing 55.7% and 66.9% without petroleum products, while Third Countries welcomed 44.3% of them and 33.1% without petroleum products. In the corresponding period of 2021 the percentages were 54.1% for the EU countries. (27) and 45.9% for Third Countries including petroleum products.

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Source: Capital

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