According to an announcement by the Panhellenic Association of Exporters
With an encouraging development, against the arrhythmias presented in recent months by greek exports, completed in 2023 the merchandise transactions of Greece. The reason, as stated in an announcement by the Panhellenic Association of Exporters, concerns the impressive reduction in the deficit in the trade balance, which shrank by 20% between January and December of last year.
On the contrary, Greek exports continued to move downward in the shadow of international uncertainty and the war conflicts in Gaza and Ukraine, closing the year with a decrease of 8.7%.
“Nevertheless, the decline was limited thanks to the momentum that Greek products and services still have in the international market” as pointed out in the announcement.
Commenting on the above, the president of the Panhellenic Association of Exporters, Christina Sakellaridis, stated the following: “Against the international uncertainty and the deterioration of the conditions in the international markets, Greek exports managed to limit the losses in value, and to keep open the channel with the international their partners. The narrowing of the trade deficit is an extremely encouraging development, which allows for moderate optimism going forward.”
Regarding the major product categories, in December 2023 downward trends are recorded in almost all sectors. The only exception is the Food industry (10.8%).
More specifically, the percentage decrease recorded in the high-value categories: Petroleum-Fuels (-19.7%), Industrial (-8.7%), Chemicals (-13.2%), Machinery (-30 .9%) and Various Industrial (-21%). The exports of the categories Raw Materials (-36.8%), Beverages & Tobacco (-23.4%) and Oils (-71.1%) also show a fall. Finally, even the smallest exports of Confidential Products did not manage to escape the norm and fell by -17.3%, compared to 2022.
In more detail, according to an analysis by the Panhellenic Association of Exporters and the Center for Export Research and Studies (KEEM), based on the provisional data of ELSTAT, a decline is recorded in the course of exports during the month of December 2023 as exports decreased by 1.02 billion euros or by -21.7% and fell to 3.70 billion euros against 4.73 billion euros in the same month of the year 2022. Excluding petroleum products, the aforementioned decrease is slightly smaller (-20.9%), with as a result, exports fell to 2.55 billion euros from 3.23 billion euros, i.e. they were reduced by 673 million euros.
It is noteworthy that imports in December 2023 fell significantly by 1.36 billion euros or by -17.7% and reached only 6.31 billion euros compared to 7.66 billion euros in the same month of the year 2022. Excluding petroleum products, imports of goods amounted to 4.61 billion euros from 5.35 billion euros, i.e. decreased by 734 million euros or by -13.7%.
As a result of the above movements, the trade deficit decreased significantly in December 2023 by 332 million euros or by -11.3%, to 2.61 billion euros from 2.94 billion euros in the corresponding month of 2022. Without the oil products, however, a slight decline in the trade deficit is recorded (-2.9%).
It is now obvious that the twelve-month sign is turning negative, despite the good start at the beginning of the year. Specifically, exports as a whole in the period January-December decrease by 4.84 billion euros or by -8.7% and fall to 50.92 billion euros from 55.76 billion euros.
Without, however, petroleum products, exports for the year 2023 fall slightly and stand at 35.17 billion euros from 36.25 billion euros, i.e. they are reduced by 1.07 billion euros or by -3%.
Imports (including petroleum products) in the period January – December 2023 decreased, as they fell by 12.59 billion euros or by -13.3%, with their total value standing at 81.97 billion euros against 94.55 billion euros in the year 2022. Excluding petroleum products, imports narrowed slightly and reached 60.50 billion euros from 63.05 billion euros, i.e. decreased by only 2.56 billion euros or by -4.1% .
As a result of the above, the trade deficit in the period January-December 2023 decreased by 7.74 billion euros, or by -20%, to 31.05 billion euros from 38.79 billion euros in 2022. Excluding petroleum products, the trade deficit decreased to 25.32 billion euros from 26.81 billion euros, i.e. it fell by 1.49 billion euros or by -5.5%.
The course of exports by geographical region
Regarding the course of exports by geographical regions in December 2023, there is a significant drop in shipments to EU countries. (-25.1%) as well as to Third Countries (-17.4%). Even when petroleum products are excluded, exports to EU countries recorded a decrease of -23.9%, while exports to Third Countries fell by -15.1% compared to last year.
Regarding the percentage of exports directed to the markets of EU member states, including petroleum products, this decreased by 2.5 points and reached only 53.3% compared to 55.8% in relation to 2022. The opposite is the image recorded for the percentage of exports to Third Countries, which was 46.7% against 44.2%. Without petroleum products, the share of exports to EU countries is 62.6% and to Third Countries at 37.4%.
Examining the distribution of exports for the period January-December 2023, it is found that the total value of exports, including petroleum products, fell to EU Countries (-6.8%) while it also fell to Third Countries significantly (-11 .1%). Without petroleum products, exports decrease slightly to EU Countries (-2.2%) while registering a drop to Third Countries, (-4.4%).
The path by sector
Regarding the major product categories, in December 2023 downward trends are recorded in almost all sectors. The only exception is the Food industry (10.8%).
More specifically, the percentage decrease recorded in the high-value categories: Petroleum-Fuels (-19.7%), Industrial (-8.7%), Chemicals (-13.2%), Machinery (-30 .9%) and Various Industrial (-21%). The exports of the categories Raw Materials (-36.8%), Beverages & Tobacco (-23.4%) and Oils (-71.1%) also show a fall. Finally, not even the lowest value exports of Confidential Products managed to escape the norm and fell by -17.3%, in relation to 2022, it was emphasized in the RES EIA.
Looking at the twelve-month period January – December 2023, the exports of two very important of the major product categories are down: Petroleum & Fuels (-18.1%) and Industrial (-9.1%), as well as the lowest value exports of the categories Raw Materials by -18.3% and Confidential Products by -12.1%.
However, those of Food (+9.4%), Oils (+37.2%) and Beverages & Tobacco (+11.2%) increased significantly compared to last year’s twelve months, while those of Chemicals (-1.7%), Machinery (1.8%) and Miscellaneous Industrial (-2.8%).
