Greek exports are seeing a shift towards new markets, gaining ground with wealthier and more sophisticated consumers and away from weaker, price sensitive buyers. The changing export profile confirms how Greek exports are climbing the value-added chain and increasingly commanding premium prices abroad.
Based on data for the first six months of 2020, the value of Greek exports has jumped by double digit amounts in certain key markets. In Western Europe, Greek exports to Germany rose 11.7% in value compared with a year earlier; were up 36.2% to France, and increased 10.2% to Holland. In East Asia, the value of Greek exports to Japan increased 95.9% in the past year, and rose 69.3% to South Korea. By contrast, exports to Turkey fell by more than 23% in value, to the UK by almost 15% and to Lebanon by 50%. All three countries have seen relative weakness in their currencies recently.
“A significant reordering, which is changing balances and relationships, is taking place on the Greek export map following the outbreak of the corona-virus pandemic,” says the Panhellenic Exporters Association.
Growth in the value of select Greek food exports
+44.9% Virgin Olive Oil
+20.3% Apricots, cherries & Peaches
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