by Alexia Sotiriou

 

Greek exports hit record high in the period January – September 2022 surpassing a 40 billion euro mark, boosting government revenues and the country's hope to become a more extrovert economy. Despite the gloomier global economic conditions due to conflict in Ukraine, energy crisis and the inflationary pressures, Greek exporters managed to maintain their positive momentum. The country's exports surged in September for the 20th consecutive month.

 

According to the recent data of the Hellenic Statistical Authority and the Panhellenic Exporters' Federation, Greek exports jumped 26.3% in this September totaling 4.73 billion euros compared to 3.74 billion euros in September 2021. Based on a report by the Panhellenic Exporters' Federation all export sector rose in September compared to the previous year. For example, alcohol and tobacco jumped 54,5%, oil products-fuel sector presented a significant 48.8% increase, confidentiality products grew by 30.5%, industrial products by 24.5%, machinery 24.3%, oils 20.4% and food 19.2%.

 

In the period January – September 2022 Greek exports grew by 41.1% to 40.55 billion euros, compared to 28.74 billion in the January – September 2021 period, while excluding oil products, the country's exports rose 23.8% to 25.94 billion euros, despite the pandemic and the Ukraine crisis.

 

However this significant leap is being overshadowed by the imports rates and concerns over growing trade deficit. Imports grew 42.2% to 8.33 billion euros in September 2022, compared to 5.86 billion euros in September 2021, while excluding oil products imports grew 22.9%. As a result Greece's trade deficit widened by 70.3% to 3.60 billion euros, while excluding oil products the trade deficit rose 30.3% to 2.34 billion euros.

 

Greece's National Strategic Plan for Exports is targeting the growth of Greek exports to 48% of gross domestic product by 2023. The country's plan indicates 670 points of action in order to boost trade and foreign investments. Especially for the region of Asia it sets out 102 points of action, including 36 for China.

 

Greek government notes that the remarkable rise in Greek exports is the best proof that export rates serve as the mirror of a competitive economy. Prime minister Kyriakos Mitsotakis has quoted that extroversion is directly related to creating wealth that is shared by society, a key aspect of Athens economic policy.

 

In an essay which was recently published by Naftemporiki, Christos Staikouras, Greece's Finance minister, stressed that the Greek government has set as one of its main priorities the drastic transformation of the country's development model, emphasizing the importance of extroversion and competitiveness of the Greek economy. He also underlined that the export base is becoming significantly diversified, registering impressive progress in the export of high-tech products, which are approaching levels of bigger economies.

 

The remarkable performance of Greek exports may cultivate optimism, nevertheless Greek exporters point out the necessity of an effective solution to deal with energy costs. As we say, the problem is huge and undermines the competitiveness of Greek products in international markets.