Greek exports reach record high in 2018

Greek exports reach record high in 2018 1

Greek exports reach record high in 2018 2

Greek export levels reached a new historic record high in 2018, confirming the sector’s strong momentum in recent years, according to a study unveiled by the Panhellenic Exporters’ Association (PSA) and its Centre for Export Studies and Research (KEEM).

The report was based on provisional data released on Thursday by the Hellenic Statistical Authority (ELSTAT), which showed that exports, including oil products, increased 15.7 percent year-on-year, breaking through the 30-billion-euro barrier, and 10.7 percent when oil products were excluded.

“A new period is now beginning following our country’s exit from the memorandums and provided there are no negative geopolitical developments of great extent in the surrounding region, Greek exports are expected to post a new historic record in 2019,” said Christina Sakellaridi, president of PSA.

Investing in an export-oriented economy was the only way to build a sustainable economy that will steadily generate surpluses, Sakellaridi pointed out.
“More exports mean more and better-paid jobs. It has now become imperative to provide incentives to boost domestic production in order to further correct the trade balance,” she added.

Greek exports jumped 15.7 percent in value in 2018, despite a 2.8 percent decline in December, while the value of imports rose 9.5 percent in the year, ELSTAT reported.

The statistics service said that the value of import-arrivals totalled 4.267 billion euros in December, up 0.2 percent from December 2017 (excluding oil products imports 1.4 percent, while excluding oil products and ships the value of imports rose 6.4 percent). The value of export-deliveries totalled 2.570 billion euros in December, down 2.8 percent from December 2017 (excluding oil products exports rose 1.0 percent while excluding oil products and ships exports rose 1.8 percent).

The trade deficit showed a deficit of 1.697 billion euros in December, up 5.1 percent from December 2017 (excluding oil products the trade deficit rose 2.1 percent while excluding oil products and ships the trade deficit grew 13.7 percent).

In the 12-month period from January to December 2018, the value of imports totalled 55.13 billion euros, up 9.5 percent from 2017 (excluding oil products the value of imports rose 2.9 percent while excluding oil products and ships the value of imports grew 8.2 percent). The value of exports totalled 33.418 billion euros in 2018, up 15.7 percent from the previous year (excluding oil products exports rose 10.7 percent while excluding oil products and ships exports rose 10.6 percent).

The country’s trade deficit totalled 21.712 billion euros in 2018, up 1.1 percent from 2017 (excluding oil products the trade deficit fell 5.6 percent while excluding oil products and ships the trade deficit rose 5.1 percent).

*SOURCE: AMNA