Greek olive oil exports exceeded €1 billion in 2023 for the first time!


Food exports in the 11th month of 2023 amounted to €6.9 billion from €6.3 billion, showing an increase of 9% or €573 million, compared to the corresponding period last year - Only the sales of virgin olive oil in the international markets are estimated to exceed €1 billion in 2023.

The second-best performance of all time is expected to be achieved by Greek exports, which, according to industry players, will exceed €50 billion in 2023 — a great performance amid strong inflationary pressures, high-interest rates, and wars in Ukraine and the Middle East. Already, the value of the total export trade exceeded €47 billion in the period January-November.

It is recalled that 2022 exports had set a record, reaching €54.7 billion. The strong resistance shown by Greek exports last year is mainly due to the continuous and rapidly growing food and beverage sector.

Specifically, food exports between January and November 2023 amounted to approximately €6.9 billion from €6.3 billion, showing an increase of 9%, i.e. €573 million, compared to the corresponding period last year.

To the €6.9 billion are added the exports of the oils and fats category, which mainly includes olive oil, which for the same period amounted to €1.37 billion from €842 million in the eleventh month of 2022, marking the explosive increase of 63.4%, which translates into €534 million more.

Also, in the drinks and tobacco category, high performances are recorded, with total exports reaching €1.18 billion in 2023 from €1.03 million in 2022, marking an increase of 14%.

It is characteristic that according to the most detailed data concerning the period January-September, exports of virgin olive oil reached €897 million from €400 million in the previous corresponding period, i.e. they more than doubled, while correspondingly for yogurt they reached €250 million from €201 million, in oranges to €159 million from €88 million, in pasta to €64.6 million from €54 million and in fresh fruit to €198 million from €168 million.

According to market factors, the high inflation that significantly increased the prices of Greek exportable products also played a role in this increase.

New markets for Greek products

According to representatives of export companies, the goal is to penetrate Greek products into new markets and gain larger shares in markets where they already have a significant presence. Also, an important role in the future course of export trade will be played by the extent to which small and medium-sized enterprises will increase exports within the European Union and to third countries.

According to data from the Panhellenic Association of Exporters, in first place with the countries where most Greek products are exported is Italy, followed by Germany, Bulgaria and Cyprus, in 5th place from 8th place last year, Spain has risen.

In 6th place is The United States of America, Turkey in 7th, the United Kingdom in 8th, France in 9th from 13th last year and Romania in tenth.

It is worth noting that Belgium is in 17th place from 20th last year, Ukraine is in 18th place from 39th place last year, Japan is in 32nd place from 40th place, while Moldova has reached 52nd place from 85th place last year.

Experts in the export industry stress that again this year, Greek exports will make a decisive contribution to the development of the Greek economy, with food becoming popular worldwide.

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