Greece’s Top Trading Partners

Greece's Top Trading Partners

by FlagPictures.org

Strategically located at the confluence of Europe, Asia and Africa, Greece has a population of 10.8 million people. Greece’s official name is the Hellenic Republic.

Greece shipped US$28.1 billion worth of products around the globe in 2016. That figure represents just 0.2% of overall global exports estimated at $16.236 trillion for one year prior in 2015.

From a continental perspective, 65.9% of Greece’s total exports by value in 2016 were delivered to other European countries. Asian importers purchased 19.2% of Greek shipments while 6.9% worth arrived in African countries. At 5.5%, a smaller portion of Greek exports were bought by customers in North America.

Greece’s Top Trading Partners

Top 15

Below is a list showcasing 15 of Greece’s top trading partners, countries that imported the most Greek shipments by dollar value during 2016. Shown within parenthesis is each import country’s percentage of total Greek exports.

  1. Italy: US$3.1 billion (11.2% of total Greek exports)
  2. Germany: $2.2 billion (7.7%)
  3. Cyprus: $1.8 billion (6.4%)
  4. Turkey: $1.5 billion (5.3%)
  5. Bulgaria: $1.4 billion (5.1%)
  6. United States: $1.2 billion (4.3%)
  7. United Kingdom: $1.2 billion (4.2%)
  8. Lebanon: $1.2 billion (4.1%)
  9. Romania: $844.8 million (3%)
  10. Egypt: $830.1 million (3%)
  11. France: $786.7 million (2.8%)
  12. Spain: $779.1 million (2.8%)
  13. Netherlands: $677.4 million (2.4%)
  14. Macedonia: $626 million (2.2%)
  15. Saudi Arabia: $495.1 million (1.8%)

Two-thirds (66.3%) of Greek exports in 2016 were delivered to the above 15 trade partners.

Among Greece’s top 15 trade partners, Lebanon increased its purchases of Greek exports by the highest percentage up in value by 1,134% from 2009.

In second place was Saudi Arabia with its 549% boost in imports from Greece. Egypt registered a 197.2% appreciation, trailed by Spain’s 46.6% increase.

Germany led the decliners with its -11.1% cutback over the 7-year period, followed by France down by -1.7%.

Deficits

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

In 2016, Greece incurred the highest trade deficits with the following countries:

  1. Germany: -US$3.2 billion (country-specific trade deficit in 2016)
  2. Russia: -$2.8 billion
  3. China: -$2.8 billion
  4. Iraq: -$2.5 billion
  5. Netherlands: -$2 billion
  6. South Korea: -$1.9 billion
  7. Kazakhstan: -$1.4 billion
  8. Belgium: -$1.4 billion
  9. France: -$1.4 billion
  10. Italy: -$1.2 billion

Among Greece’s trading partners that cause the greatest negative trade balances, only two Greek country-specific deficits widened over the 7-year period: Iraq (up 291.2%) and Kazakhstan (up 78.9%).

These cashflow deficiencies clearly indicate Greece’s competitive disadvantages with the above countries, but also represent key opportunities for Greece to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

In 2016, Greece incurred the highest trade surpluses with the following countries:

  1. Cyprus: US$1.4 billion (country-specific trade surplus in 2016)
  2. Lebanon: $1.1 billion
  3. United States: $568.7 million
  4. Gibraltar: $420.9 million
  5. Macedonia: $381.5 million
  6. Albania: $292.6 million
  7. Singapore: $259.8 million
  8. Malta: $224.9 million
  9. United Arab Emirates: $223.6 million
  10. Libya: $219 million

Among Greece’s trading partners that cause the greatest positive trade balances, Greek surpluses with Lebanon (up 1,362%), Singapore (up 231.7%) and Cyprus (up 99.1%) grew at the fastest pace from 2009 to 2016.

These positive cashflow streams clearly indicate Greece’s competitive advantages with the above countries, but also represent key opportunities for Greece to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Greek Trading Partners

Based on Forbes 2015 Global 2000 rankings, here are examples of large international trade players headquartered in Greece:

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


 
See also Highest Value Greek Export Products, Greece’s Top 10 Imports, Greece’s Top 10 Exports and Highest Value Greek Import Products

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on February 21, 2016

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on February 21, 2016

Investopedia, Net Importer Definition. Accessed on February 21, 2016

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 21, 2016

Zepol’s company summary highlights by country. Accessed on February 21, 2016