The value of imports from Russia jumped by 252% in February

The value of imports to Greece from Russia in February recorded a vertical increase of 252.6% on an annual basis, according to ELSTAT data, while a large increase of 74.9% was recorded in imports from Ukraine.

In particular, due to developments related to the war in Ukraine, ELSTAT began to announce data on bilateral trade between Greece and Russia as well as Ukraine.

In February 2022 the value of Greek imports from Russia amounted to 662.5 million euros, noting increase 252.6% compared to February 2021 which was 187.9 million euros.

The value of Greece’s exports to Russia in February 2022 amounted to 12.8 million euros, a decrease of 6.0% compared to February 2021 which was 13.6 million euros. The trade balance between Greece and Russia in February 2022 was negative and amounted to EUR 649.7 million (deficit).

In the period January-February 2022, the value of Greek imports from Russia amounted to 1,161.1 million euros, noting increase 178.5% compared to the period January-February 2021 which was 416.9 million euros.

As can be seen from the individual figures, the surge in the value of imports is mainly due to the sharp rise in energy prices.

The value of exports of Greece to Russia in the period January-February 2022 amounted to 28.8 million euros, recording an increase of 16.8% compared to the period January-February 2021 which was 24.7 million euros. The trade balance between Greece and Russia in the period January-February 2022 was negative and amounted to 1,132.3 million euros.

In the year 2021, 656 Greek companies made imports from Russia and 639 Greek companies made exports to Russia. The total value of Greek imports from Russia in 2021 amounted to 4,302.4 million euros, recording an increase of 46.7% compared to the corresponding total value for 2020 which was 2,933.5 million euros.

The total value of Greece’s exports to Russia in 2021 amounted to 206.6 million euros, recording an increase of 28.0% compared to the corresponding total value for 2020 which was 161.4 million euros. Greece’s trade balance with Russia in 2021 was negative and amounted to 4,095.8 million euros (deficit),

Ukraine

In February 2022 the value of Greek imports from Ukraine amounted to 25.1 million euros, noting increase 74.9% compared to February 2021 which was 14.4 million euros. The value of Greece’s exports to Ukraine in February 2022 amounted to 7.8 million euros, an increase of 14.5% compared to February 2021 which was 6.8 million euros. The trade balance between Greece and Ukraine in February 2022 was negative and amounted to EUR 17.3 million (deficit).

In the period January-February 2022 the value of Greek imports from Ukraine amounted to 44.2 million euros, an increase of 97.1% compared to the period January-February 2021 which was 22.4 million euros.

The value of Greece’s exports to Ukraine in the period January-February 2022 amounted to 23.2 million euros, an increase of 90.6% compared to the period January-February 2021 which was 12.2 million euros.

The trade balance between Greece and Ukraine in the period January-February 2022 was negative and amounted to EUR 21.0 million (deficit).

In the year 2021, 494 Greek companies made imports from Ukraine and 581 Greek companies made exports to Ukraine. The total value of Greek imports from Ukraine in 2021 amounted to 198.4 million euros, recording an increase of 10.8% compared to the corresponding total value for 2020 which was 179.0 million euros.

The total value of Greece’s exports to Ukraine in 2021 amounted to 338.8 million euros, recording an increase of 74.9% compared to the corresponding total value for 2020 which was 193.7 million euros (Table 8) . The trade balance of Greece with Ukraine in the year 2021 was positive and was formed at EUR 140.4 million (surplus).