Greece’s Top 10 Exports

Greece’s Top 10 Exports

by Flagpictures.org

A strategic juncture for Europe, Asia and Africa, the Hellenic Republic commonly known as Greece shipped US$32.6 billion worth of goods around the globe in 2017. That dollar amount represents a -10.1% decrease from 2013 but a 17.2% uptick from 2016 to 2017 for the southern European nation.

As of June 2018, Greece’s exported goods were valued at $19.9 billion up 29% compared to the first 6 months of 2017.

Based on estimates from the Central Intelligence Agency’s World Factbook, Greece’s exported goods plus services represent 31.5% of total Greek economic output or Gross Domestic Product. The analysis below focuses on exported products only.

From a continental perspective, about two-thirds (63.6%) of Greek exports by value were delivered to fellow European countries while 23.1% were sold to Asian importers. Greece shipped another 6.2% to African customers with 5% going to North America.

Given Greece’s population of 10.8 million people, its total $32.6 billion in 2017 exports translates to roughly $3,000 for every resident in that country.

Greece’s unemployment rate was 20.9% as of November 2017 down from 23% one year earlier, according to Trading Economics.

Greece’s Top 10 Exports

Top 10

The following export product groups represent the highest dollar value in Greek global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Greece.

  1. Mineral fuels including oil: US$10.1 billion (31% of total exports)
  2. Aluminum: $1.8 billion (5.6%)
  3. Machinery including computers: $1.5 billion (4.6%)
  4. Pharmaceuticals: $1.3 billion (4.1%)
  5. Plastics, plastic articles: $1.3 billion (3.9%)
  6. Electrical machinery, equipment: $1.2 billion (3.6%)
  7. Vegetable/fruit/nut preparations: $1.1 billion (3.4%)
  8. Fruits, nuts: $987.4 million (3%)
  9. Fish: $753.4 million (2.3%)
  10. Dairy, eggs, honey: $703.7 million (2.2%)

Greece’s top 10 exports accounted for 63.8% of the overall value of its global shipments.

Percentage changes in value range from a 32.3% gain for mineral fuels including oil (led by refined petroleum oils), down to a modest 0.9% uptick for the fruits and nuts category.

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Greece’s Most Valuable Export Products further down below.

Advantages

The following types of Greek product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

  1. Vegetable/fruit/nut preparations: US$812.1 million (Up by 4.3% since 2016)
  2. Aluminum: $742.2 million (Up by 4.6%)
  3. Fruits, nuts: $585.5 million (Down by -6.6%)
  4. Salt, sulphur, stone, cement: $564.4 million (Up by 25.3%)
  5. Cotton: $361.7 million (Up by 11.3%)
  6. Animal/vegetable fats, oils, waxes: $321.4 million (Down by -33.3%)
  7. Fish: $259.7 million (Down by -14.4%)
  8. Tobacco, manufactured substitutes: $225.9 million (Up by 1.5%)
  9. Stone, plaster, cement, asbestos: $159.6 million (Up by 5.7%)
  10. Furskins, artificial fur: $76.9 million (Down by -19.5%)

Greece has highly positive net exports in the international trade of vegetable, fruit or nut preparations. In turn, these cashflows indicate Greece’s strong competitive advantages under the food product category.

Opportunities

Overall Greece incurred a -$24.1 billion trade deficit during 2017, a 21.9% increase from the -$19.8 billion in red ink for 2016.

As of June 2018, Greece’s trade deficit stood at -$12.7 billion up 1.5% compared to the first 6 months of 2017.

Below are exports from Greece that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Greece’s goods trail Greek importer spending on foreign products.

  1. Mineral fuels including oil: -US$3.7 billion (Up by 18.1% since 2016)
  2. Ships, boats: -$3.3 billion (Up by 62%)
  3. Machinery including computers: -$2.4 billion (Up by 24.5%)
  4. Vehicles: -$2.1 billion (Up by 13.8%)
  5. Pharmaceuticals: -$2 billion (Up by 5.3%)
  6. Electrical machinery, equipment: -$1.7 billion (Up by 4.4%)
  7. Meat: -$1.2 billion (Up by 12.8%)
  8. Organic chemicals: -$978.7 million (Up by 31.7%)
  9. Optical, technical, medical apparatus: -$751.5 million (Up by 21%)
  10. Paper, paper items: -$742 million (Up by 2.3%)

Greece has highly negative net exports and therefore deep international trade deficits under the mineral fuels including oil subcategory, particularly crude oil.

These cashflow deficiencies clearly indicate Greece’s competitive disadvantages in the international mineral fuels market, but also represent key opportunities for Greece to improve its position in the global economy through focused innovations in alternative energy resources.

Companies

Greek Export Companies

Based on Forbes Global 2000 rankings, here are examples of large international trade players headquartered in Greece:

  • Hellenic Petroleum (refined oil, gas)
  • Hellenic Telecom Organization (telecommunications)
  • Motor Oil Hellas (oil, gas)

Global trade intelligence firm Zepol also mentions the following companies as examples of Greek exporters:

  • Inomessiniak (wine, olive oil)
  • Interoliva (olives, glass bottles and jars)
  • Promelk (t-shirts, brassieres, sweaters)
  • St Agelopoulo (olives, live carp)
  • Tsalma Marble Of Central North Greece (monument/building stone, wood boxes/cases/crates)


 
Greece’s capital city is Athens.

Searchable List of Greece’s Most Valuable Export Products

At the more granular four-digit HTS code level, Greece’s top export products are refined petroleum oils followed by drugs or medicines, aluminum items, fresh whole fish then olive oil.

The following searchable table displays 200 of the most in-demand goods shipped from Greece during 2017. Shown beside each product label is its total export value then the percentage increase or decrease since 2016.

RankGreek Export Product2017 Value (US$)Change
1Processed petroleum oils$9.6 billion+31.9%
2Medication mixes in dosage$1.2 billion+16.5%
3Aluminum plates, sheets, strips$677 million+11.1%
4Whole fish (fresh)$581.9 million+3.6%
5Olive oil$543.7 million-15.9%
6Other prepared/preserved vegetables (non-frozen)$503 million+10.1%
7Cheese, curd$483.6 million+8.8%
8Copper tubes, pipes$480.9 million+29.1%
9Computers, optical readers$442.1 million-14.8%
10Cotton (uncarded, uncombed)$394 million+14.5%
11Aluminum bars/rods$341.2 million+20.1%
12Miscellaneous preserved fruits$319.3 million-2.1%
13Aluminum foil (thin)$315.5 million+16%
14Aluminum (unwrought)$315.1 million+29%
15Cigars/cigarellos, cigarettes$302 million-10%
16Calcareous monument/building stone$296.7 million+82.6%
17Insulated wire/cable$242.9 million+1.5%
18Hydraulic cements$230.9 million-7.1%
19Phone system devices including smartphones$216.2 million-2.8%
20Other food preparations$212 million+14.7%
21Unmanufactured tobacco, tobacco waste$211.8 million-11.6%
22Iron or non-alloy steel bars, rods$207.3 million+31.2%
23Propylene/olefin polymers$206.6 million+11%
24Electric storage batteries$193.7 million+42.3%
25Grapes (fresh or dried)$191 million+17%
26Petroleum oil residues$188.3 million+50.6%
27Fresh or dried citrus fruit$183.4 million-32.1%
28Plastic plates, sheets, film, tape, strips$182.3 million+4.8%
29Models, puzzles, miscellaneous toys$179.2 million+19.1%
30Miscellaneous fruits (fresh)$178.8 million+27%
31Monument/building stones, art$173.3 million+3.7%
32Buttermilk, curdled milk, yogurt$165.8 million+9.3%
33Coiled iron or non-alloy steel bars, rods$156.6 million+141.4%
34Furskin clothing and accessories$153.5 million+31.9%
35Aluminum oxide/hydroxide$149.1 million+33%
36Petroleum gases$148 million+70.6%
37Gas/liquid/electricity/production meters$146.9 million+6.7%
38Beauty/makeup/skin care preparations$143.9 million+6.6%
39Apricots, cherries, peaches, nectarines, plums$141 million-5.5%
40Plastic packing goods, lids, caps$140 million+7.5%
41Styrene polymers$134 million+19.3%
42Women's blouses, shirts$125.9 million+2.3%
43Electrical energy$125 million+31.8%
44Piston engine parts$118.7 million+16.4%
45Vinegar-based vegetables, fruits, nuts$114.9 million+18.9%
46Miscellaneous iron and steel structures$112.1 million+29.7%
47Flour/meal/starch/malt extract food preparations$108.7 million+27.6%
48Plastic tableware, kitchenware, toiletry$101.2 million+17%
49Plastic plates, sheets, film, tape, strips$100.1 million+11.3%
50Miscellaneous iron or steel tubes, pipes$99 million+42.9%
51Iron and steel tubes, pipes$95.8 million+11%
52Bread, biscuits, cakes, pastries$92.9 million+5.9%
53Fertilizer mixes$90 million+11.6%
54Women's clothing (knit or crochet)$90 million+10.8%
55Machinery parts$88.4 million+19.7%
56Alcohol (including spirits, liqueurs)$88.4 million+8.2%
57Chemical industry products/residuals$88 million+19.7%
58Other organic cleaning preparations$87.2 million+9.1%
59Wine $87.1 million+6.7%
60Sanitary towels, baby napkins/liners$83.3 million+23.8%
61Paint/varnish non-aqueous solution$82.5 million+6.8%
62Unrecorded sound media$82.4 million+7.2%
63Cruise/cargo ships, barges$82.2 million-6%
64Rice$79.5 million+25.9%
65Carbon/natural mineral products$79.4 million+12.4%
66Lifting/loading machinery$77.8 million+17.1%
67Synthetic yarn woven fabrics$77.6 million+23.4%
68T-shirts, vests (knit or crochet)$76.6 million+3.3%
69Automobile parts/accessories$74.7 million+25.5%
70Miscellaneous fresh/chilled vegetables$70.1 million-6.5%
71Copper waste, scrap$68.5 million+50.5%
72Self-adhesive plastic in rolls$67.9 million+35.4%
73Other than warp-knit fabrics$67.2 million-2.3%
74Polyacetal/ether/carbonates$67 million+49.5%
75Temperature-change machines$66.3 million+14.4%
76Sugar confectionery (no cocoa)$65.3 million+11.4%
77Miscellaneous raw furskins$63.9 million+9.4%
78Aluminum containers$63.8 million+27.7%
79Synthetic organic coloring$63.3 million+8.2%
80Spray/dispersing mechanical appliances$62 million+10.9%
81Paper/paperboard waste, scrap$61.8 million+28%
82Printing machinery$60.5 million-19%
83Copper wire$60.2 million+28.8%
84Lamps, lighting, illuminated signs$60.1 million+15.8%
85Tomatoes (prepared/preserved)$58.9 million-5.4%
86Packaged insecticides/fungicides/herbicides$58.6 million+68.6%
87Electric water heaters, hair dryers$57.8 million+0.9%
88Air conditioners$57.4 million-4.5%
89Crude oil$57 million+45.9%
90Plastic tubes, pipes, fittings$56.5 million+12.2%
91Coated/laminated non-wovens$55.6 million+37.5%
92Oil seeds$54.4 million-10.5%
93Stoppers, caps, lids, corks$54.3 million+17.1%
94Miscellaneous furniture$54.3 million+12.1%
95Wheat$53.6 million-64.7%
96Jewelry$53 million+21.8%
97Other oils from olives$52.5 million+4.7%
98Melons, watermelons, papayas$52 million+3.5%
99Nitrogenous fertilizers$51.7 million+39.3%
100Women's clothing (not knit or crochet)$51.6 million+9.8%
101Electro-medical equip (e.g. xrays)$50.6 million+7.1%
102Bridge structures, parts$50.1 million+19.7%
103Fish (dried, salted, smoked)$49.7 million-2.2%
104Iron or non-alloy steel products (semi-finished)$49.7 million+188.9%
105Miscellaneous nuts$49.6 million-6.8%
106Jams, fruit jellies, marmalades, purees, pastes$49.3 million+1.9%
107Paper containers, cellulose wadding$49 million+24.9%
108Refrigerators, freezers$48.6 million-0.1%
109Iron or steel sanitary ware$48.3 million+9.2%
110Pasta, couscous$48.3 million+0.7%
111Base metal mountings, fittings$47.1 million+10.4%
112Furskins (tanned/dressed)$47 million+56.8%
113Lower-voltage switches, fuses$46.3 million+15.5%
114Printed books, brochures$45.5 million-3.4%
115Amino-resins$44.7 million+26%
116Women's shirts (not knit or crochet)$44.2 million+19.5%
117Footwear (textile)$43.9 million-4.8%
118Frozen fruits, nuts$43.4 million-10.7%
119Personal toilet/shaving preparations, deodorants$43 million+10.3%
120Miscellaneous iron or steel items$42.6 million+16.8%
121Electrical resistors$42.4 million-21%
122Footwear (leather)$42.1 million+12.2%
123Yachts, other pleasure/sports vessels$41.7 million+17.1%
124Turbo-jets$41.4 million+75.9%
125Miscellaneous plastic items$41.3 million+2.5%
126Fruit and vegetable juices$40.6 million+13.4%
127Ethylene polymers$40.2 million-13.7%
128Sugar (cane or beet)$39.7 million+92.2%
129Knotted twine, cordage, rope$39.6 million+0.9%
130Apples, pears (fresh)$38.5 million-7.1%
131Ice cream, other edible ice$38.1 million+3.9%
132TV receivers/monitors/projectors$38 million+1.6%
133Zinc ores, concentrates$37.7 million+58.6%
134Table games, bowling equipment$37.6 million+57.5%
135Chocolate, other cocoa preparations$37.6 million+1.8%
136Yarn (85%+ cotton)$37 million+2.9%
137Natural magnesium carbonate, magnesia$36.4 million+19.1%
138Fish fillets, pieces$36.1 million+62.6%
139Non-alcoholic drinks (not water/juice/milk)$35.7 million+0.7%
140Medication mixes not in dosage$35.2 million-15.6%
141Hair preparations$34.9 million+15%
142Molluscs$34.7 million-1.1%
143Flat-rolled iron or non-alloy steel products (plated/coated)$34.7 million+14.2%
144Aircraft parts$34.7 million-47.9%
145Sheep or goat meat$34.6 million+12.4%
146Bananas, plantains$34.2 million+48.7%
147Print/write/draw inks$33.7 million+60.6%
148Cucumbers$33.6 million+3.9%
149Margarine$33.5 million+1.8%
150Soap, organics surface-active cleaners$33.2 million+0.1%
151Plastic builders' items$33.2 million+8.8%
152Tissues, napkins, toilet paper$33.1 million-11%
153Pipe/chewing/snuff tobaccos$32.9 million+560.5%
154Vermiculite, perlite, other mineral substances$32.6 million+0.9%
155Men's suits, trousers (not knit or crochet)$32.4 million+20.1%
156Coated paper$31.6 million+8.1%
157Slag-wool, rock-wool, similar mineral wools$31.4 million+18.2%
158Cases, handbags, wallets$30.6 million+1.2%
159Cars$30.3 million-45.4%
160Copper bars, rods$29.4 million+19.5%
161Cellulose fiber paper$28.7 million+4.1%
162Poultry meat$28.1 million+40.5%
163Tobacco-preparing tobacco$27.6 million+398.9%
164Flat-rolled iron or non-alloy steel products (plated/coated)$27.4 million+31.1%
165Coffee/tea extracts, concentrates$27.3 million+0.9%
166Footwear (rubber or plastic)$27.3 million+3.4%
167Wrist/pocket watches (no precious metal case)$27.3 million+0.7%
168Miscellaneous animal feed preparations$27.1 million+9.6%
169Carnival items, magic tricks$27.1 million+11.7%
170Twine, cordage, ropes, cables$26.5 million-1.5%
171Paint/varnish aqueous solution$26.1 million+18.9%
172Miscellaneous iron/non-alloy steel ingots$25.5 million+29.6%
173Household/sanitary rolls$25.5 million+23.8%
174Yarn wash/clean/iron machines$25.1 million+6%
175Malt beer$24.4 million+51.7%
176Centrifuges, filters and purifiers$24.4 million-25.2%
177Women's coats, jackets (not knit or crochet)$24.2 million+201.7%
178Electrical converters/power units$23.8 million-2.2%
179Industrial preparation machinery$23.5 million+4.1%
180Textile material waddings$23.5 million-1.8%
181Taps, valves, similar appliances$23 million+3.9%
182Refined copper, unwrought alloys$23 million+1,738%
183Wide knit or crochet fabrics$22.5 million+21.2%
184Blood fractions (including antisera)$22.3 million+9.1%
185Packaged dressings$22.2 million-37.2%
186Miscellaneous aluminum items$21.8 million+10.1%
187Electric circuit parts, fuses, switches$21.5 million+23.9%
188Aluminum ores, concentrates$21.2 million-7.8%
189Laminated wood (including plywood, veneer panels)$20.4 million+1.5%
190Concrete/artificial stone items$20.3 million+20.6%
191Preserved vegetables (in sulfur water)$20.3 million+6.5%
192Microphones/headphones/amps$20.3 million+188.8%
193Lead (unwrought)$20.3 million-11.3%
194Miscellaneous live plants$20 million+93.8%
195Finishing agents, dye carriers, fixers$19.9 million+13.5%
196Miscellaneous oil cakes$19.9 million+8.6%
197Miscellaneous meat (preserved/prepared)$19.8 million+16%
198Iron/non-alloy steel flat-rolled products$19.3 million+18.1%
199 Dishwashing, clean/dry/fill machines $18.9 million+29.5%
200Linens$18.9 million-10.3%

These 200 exported goods were worth a subtotal of US$28.8 billion or 89.6% by value for all products exported from Greece during 2017.

See also Greece’s Top 10 Imports, Greece’s Top Trading Partners and Top EU Export Countries

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on August 31, 2018

The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on August 31, 2018

Trade Map, International Trade Centre. Accessed on August 31, 2018

Investopedia, Net Exports Definition. Accessed on August 31, 2018

Wikipedia, List of Companies of Greece. Accessed on August 31, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on August 31, 2018

Zepol’s company summary highlights by country. Accessed on August 31, 2018