Food exports were further enhanced in 2024 with traditional products such as feta cheese, yogurt, olive oil and olives to record high performance
Fixed pillar of support for Greek exports Foods remain with the companies in the industry claiming a vital area of growth in foreign markets.
In a year of several turmoil with the country’s export balance balance appearing deficient, food exports were further reinforced in 2024 with traditional products such as feta, yogurt, olive oil and olives recording high performance. At the same time, Greek exports overall recorded their third best performance, after 2022, closing last year to € 49.9 billion, slightly decreasing compared to 2023.
For this year, it is estimated that Greek exports can achieve an increase of 3% -4% on deflationed terms. This is highlighted in a study recently published by the National Bank, but it is stressed that there is a significant risk of retreat to lower levels due to uncertainty in the international environment. For 2025 analysts note that prospects are more auspicious, as the European economy is estimated to accelerate at a rate of 1.4% from 0.8% in 2024. Strengthen the exports of 2025 by one percentage point, replenishing the corresponding loss of 2024.
Export challenges
According to a study by the National Economic Analysis Directorate (Head Economist Nikos Maginas), in 2024 Greek exports declined by 1%, as these second -month increased by 5%, highly compensate for 7%of the first losses. Semester. This upward trend of the second month, however, is fragile, as it does not have the support of “traditional” European markets for Greek markets. Indeed, Bank analysts point out that US tariff policy is indirectly, but meaningful to Greek exports, as the recovery of the European economy depends to a large extent. In addition, indirectly, US policy is becoming increasingly important to Greek exports, as it stands out as an increasing important destination for Greek products in the last three years, with an average annual increase of 7%, superfluous of the corresponding performance of other markets. , limited to 2%.
As the study notes, this dynamic effort of Greek exporters may be in danger of adopting aggressive trade policies in the US. In addition to the US, the reversal of the second semester in exports were largely supported by mesing metals, probably for energy projects in the Middle East. On the contrary, Western Europe’s “traditional” markets have moved down (a 4% reduction in European imports in the last two years on average).
The same study identifies two positive elements in the current context: Increasing the contribution of the food industry (yogurt, feta, olive oil and olives have covered over 75% of the rise) and the 15 -year record of Greek products as a percentage of European exports, Although they remain below one percentage point (0.55% versus 0.51% in the corresponding period of 2023).
Specifically for food, the study emphasizes that they are a stable pillar of Greek exports, with traditional products such as feta, yogurt, olive oil and olives recording high performance (with the latter two benefiting from productive recovery), contributing more than ¾ of its rise. branch. In addition, the course of fish fillets (doubling their tumors in the last quarter) stands out as remarkable, which is the only Greek product with a steady improvement of volumes and prices relative to European competitors in the last 12 months. At the same time, food improved their share of European exports to 1.4% (from 1.3% in 2023). It is noteworthy that the majority of the largest products in the class have achieved enhanced representation in European exports, with compote, olives and yogurt to boost their share by 2 points.
Enhanced exports but stagnant imports
From the analysis of the Panhellenic Association of Exporters and the Center for Export Research and Studies (KEEMs) on ELSTAT’s temporary data, it appears that in total, for the period January -December, exports fell only by -2.2% and reached 49 , EUR 90 billion from EUR 51.02 billion, that is, reduced by EUR 1.12 billion compared to the corresponding period of 2023. The last six months stood at EUR 36.09 billion from EUR 35.27 billion, that is slightly increased by EUR 819.8 million or 2.3%.
Imports in the period January – December 2024 (including petroleum) increased slightly, as they expanded by 1.43 billion euros or 1.7%, with their total value of € 84.52 billion versus 83.09 billion euros during the corresponding period of 2023. Except for petroleum, imports increased at a slightly more intense rate and reached EUR 63.86 billion from EUR 61.62 billion, ie, raised by EUR 2.24 billion or by 3.6%.
As a result of the above, the commercial deficit in January-December 2024 increased by EUR 2.54 billion or 7.9%, to EUR 34.61 billion from EUR 32.07 billion in 2023. Petroleum, the trade deficit increased at a slightly lower rate and reached EUR 27.77 billion from € 26.35 billion, that is, it enlarged € 1.42 billion or 5.4%.
Concerning the course of exports by geographical areas, during January-December 2024, the total value of exports, including petroleums, fell to EU countries (-5.9%) while third countries increased slightly (2, 2, 7%). Without petroleum, exports remain stagnant to EU countries (-0.1%) while expanding to third countries (7.1%).
About large product categories, exports of 5 out of 10 large product categories: Petroleum-Coasts (-9.5%), Industrial (-0.6%), Machinery (-2.6%), Oils (-23.9%) as well as the smallest value exports of confidential products by -2%. At the same time, however, the categories of food (8.9%), chemicals (2.6%), various industrial (0.5%), raw materials (7.7%) and the category of drinks & tobacco (tobacco (tobacco (tobacco) are increased. +8.6%), compared to the corresponding twelve months.
Source: Skai
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