By Panos Kakouris

 

Greek exports made an impressive beginning in 2023, showing an increase of more than 30% compared to January 2022. This is a development that strengthens the estimation of Greek exporters, for a new record of export activity this year.

 

The total value of exports, during the month of January 2023, amounted to 4.462 billion euros, compared to around 3.427 billion euros in the same month of 2022, showing an increase of 30.2%.

 

Excluding oil products, the value of exports showed an increase of 429.0 million euros or 17.5% and the corresponding value without oil products and ships in the month of January 2023 showed an increase of 423.7 million euros or 17.3% , in relation to the month of January 2022.

 

In 2022, Greek exports registered a historical record, as their value reached 54.676 billion euros ($57.565 billion) against 39.997 billion euros in 2021, showing an increase of 36.7%.

 

Their value without petroleum showed an increase of 21.4% and amounted to around 35.053 billion euros, from 28.837 billion euros in 2021.

 

Of course, the increase in the value of Greek exports (like all countries) reflects the effect of high inflation and the rise in prices of almost all goods, worldwide.

 

The impact of inflation is greater on energy goods, the prices of which have followed a frenetic course in the last two years, showing huge ups and downs.

 

It is clarified that the exports of petroleum products are essentially re-exports, as the country imports oil and oil derivatives which it re-exports to other countries with or without processing.

 

However, in 2022, a historical record of imports was also recorded, resulting in a noticeable increase in the country's trade balance deficit.

 

The value of imports reached 93.048 billion euros ($97.406 billion), while the trade deficit jumped to around 38.372 billion euros ($39.84 billion), the highest since 2008. And for the rise in imports, the root cause is "global inflation" caused cumulatively by factors such as the pandemic, the energy crisis and the Russia-Ukraine conflict.

 

 

The bar of expectations for 2023 is set even higher by Greek exporters, who estimate that they can reach and exceed 70 billion euros, up from 54.7 billion euros in 2022.

 

A parallel objective is to increase exports of domestically produced goods.

 

“Everything shows that we are headed with mathematical precision towards another historical record of extroversion,” declares Christina Sakellaridis, the president of the Panhellenic Association of Exporters, although she noted that “much will depend on geopolitical developments.”