Greek exports on track for record year on F&B, petroleum and other gains

Greek exports are on track for another record year with first half data showing a double digit increase in merchandise exports across most product categories, despite an uncertain trading and geopolitical environment.

According to the latest data from the Hellenic Statistical Authority (Elstat), the total value of exports for the six months to June rose 14.6%, thanks in part to a jump in the value of petroleum products. Excluding oil, exports still increased 6.9% year on year, driven by strong global demand for high-quality Greek food products and steadily growing consumer preference for the heart-healthy Mediterranean diet.

Building on this broad consumer trend, Greek food and beverage exports have more than doubled in the past decade and are poised to surpass €10 billion a year. Greek producers continue to see growth both in mature markets, like the EU, as well as newer, third-country destinations, like the U.S.

Meanwhile, signature Greek products – like yogurt, Feta cheese and wine – are steadily moving up the value chain and competing in higher price categories. And Greece’s exports of fresh produce, such as kiwis or strawberries, are opening new markets, with Greek producers emerging as world leaders in select products.

Overall, nine out of 10 export categories showed growth in the first half. In addition to petroleum exports, which increased by 40% in value due to rising international prices, food exports were up roughly 10%, while exports of raw materials rose more than 20%, and machinery exports were up almost 12%.

This multi-faceted growth in Greek merchandise exports underscores the resilience of Greece’s fast-growing external sector, which has become a key growth driver of the economy. Last year, non-oil merchandise exports rose to a record of €36.9 billion, with total exports just shy of €50 billion – a threshold that may be surpassed this year.

In absolute terms, the total value of Greek exports in the first half rose to €27.6 billion, up from €24.1 billion in the first half of last year, significantly outpacing a 6.5% rise in imports. As a result, Greece’s trade deficit for the six months to June this year fell to €16.0 billion from €16.9 billion in the first half last year, according to Elstat. In percentage terms, Greece’s trade deficit is down 5.0% year-on-year, extending a three-year long declining trend.