Italy maintains its lead as Greece’s top export destination, while the United States has made a significant leap into the top 10, according to recent data.
Germany, Bulgaria, and Cyprus also continue to be key markets for Greek products.
The Panhellenic Exporters Association (PEA) notes, however, that the deteriorating global economic climate is starting to impact Greek businesses. Companies are working hard to sustain their momentum and mitigate losses that are becoming more apparent.
Greek Exports Face Global Economic Headwinds
PEA President Christina Sakellaridi expressed concern over the recent trends:
“Greek exports have faced a further setback in June,” she said. “The challenging international environment is beginning to affect Greek exporters’ operations, creating hurdles for their business growth.
“High inflation affecting the European economy, a primary market for Greek products, has weakened consumer purchasing power, leading to cautious spending habits.”
The PEA, along with the Center for Export Research and Studies (CERS), based on preliminary data from the Hellenic Statistical Authority (ELSTAT), found that exports from January to March 2024 fell by 11%, totaling just 12.33 billion euros.
Imports decreased by 4.2%, amounting to 20.30 billion euros. As a result, Greece's trade deficit widened by 8.7%, reaching 7.97 billion euros in the first quarter.
Still, Ms. Sakellaridi said she remained optimistic.
“We are vigilant and hopeful for a stabilization in the near future. Greek exporters have consistently demonstrated their ability to adapt to even the most adverse conditions.”