Greek exports grow by impressive 24.8% reaching 3 billion euros

Greek olive tree

The Panhellenic Exporters Association  (PEA) on Tuesday reported significant growth in the Greek exports sector for the first half of the year, with growth at 24.8% in June, to 3 billion euros from 2.4 billion in the same month in 2017 (including oil products), while exports excluding oil products grew 15.5 % to 2.07 billion euros.

The PEA noted that the impressive growth contributes to a further reduction of the country’s trade deficit, and has created optimism for the outlook of Greek exports, despite existing hurdles such as high taxation and capital controls.

According to the reportGreek exports grew to all destinations, rising 17 % to EU member-states and 35.6 % to third countries. Excluding oil products, Greek exports grew 13.9 % to the EU and by 19 % to third countries.

Oil products (53.8 %), machinery (44.4 %), raw materials (39.7%) and industrial products (22.2 %) recorded the biggest percentage increase among export product categories, while oils (5.8 %) and alcohol/tobacco (13.9 %) suffered losses in June. In the first half, all categories recorded increases with the exception of alcohol/tobacco (-1.2 %), led by oils (35.7 %), oil products (21.9 %), machinery (18.8 %) and industrial products (16 %).

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