From 2021 to 2022, the total cost of goods imported into Greece accelerated by 26.4% from $77.3 billion.
Based on the average exchange rate for 2022, Greece uses the euro which depreciated by -12.1% against the US dollar since 2018 and fell by -12.3% from 2021 to 2022. The weaker EU currency in 2022 made Greece’s imports paid for in stronger US dollars in 2022 relatively more expensive when converted starting from euros.
Domestically, Greece recorded 9.17% in terms of its average consumer prices up from 0.574% in 2021.
Greece’s Best Imports Suppliers
The latest available country-specific data shows that 70.8% of products imported into Greece were supplied by exporters in: Russia (35.6% of Greece’s global total), Germany (7.5%), mainland China (5.2%), Iraq (5.1%), Italy (4%), Netherlands (2.8%), France (2.7%), United States of America (2.2%), Türkiye (2.2%), Bulgaria (1.8%), Spain (1.7%) and Kazakhstan (1.3%).
Applying a continental lens, more than half (56.3%) of Greece’s total imports by value were purchased from fellow European countries. Trade partners in Asia supplied 31.8% of all import purchases by Greece.
Smaller percentages came from Africa (6.7%), North America (4%), Latin America (1.2%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by New Zealand and Australia.
Given Greece’s population of 10.64 million people, its total $97.7 billion in 2022 for imported goods translates to roughly $10,600 in yearly product demand from every person in the southern European country. That per-capita metric exceeds the average $7,100 for 2021.
Greece’s Top 10 Imports
The following product groups represent the highest dollar value in Greece’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Greece.
- Mineral fuels including oil: US$33.9 billion (34.7% of total imports)
- Machinery including computers: $6.02 billion (6.2%)
- Electrical machinery, equipment: $5.99 billion (6.1%)
- Pharmaceuticals: $4.2 billion (4.3%)
- Vehicles: $3.8 billion (3.9%)
- Plastics, plastic articles: $3.2 billion (3.3%)
- Iron, steel: $2.4 billion (2.4%)
- Organic chemicals: $2.3 billion (2.4%)
- Aluminum: $2.1 billion (2.2%)
- Paper, paper items: $1.6 billion (1.7%)
Greece’s top 10 imports generated over two-thirds (67.1%) of the overall value of its product purchases from other countries.
Leading Greece’s international purchase increases from 2021 to 2022 were for imported mineral fuels including oil (up 80.7%), aluminum (up 35.5%), paper both as materials and items made from paper (up 34.9%), then the metals iron and steel (up 32.4%).
The severest decline was an -18.1% reduction year over year for imported organic chemicals.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more granular 4-digit HTS code level, the most valuable products imported by Greece are crude oil (16% of the Greek total), petroleum gases (10.5%), refined petroleum oils (6.9%), medication mixes in dosage (2.8%), cars (2.3%), computers including optical readers (1.4%), aluminum (also 1.4%), phone devices including smartphones (1.3%), solar power diodes and semi-conductors (1.2%), then blood fractions including antisera (also 1.2%).
Greece’s Top Mineral Fuels Imports Including Oil
In 2022, Greek importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$15.7 billion (up 33.4% from 2021)
- Petroleum gases: $10.3 billion (up 228.6%)
- Processed petroleum oils: $6.8 billion (up 47.1%)
- Electrical energy: $982.6 million (up 156.9%)
- Petroleum oil residues: $149.5 million (up 62.5%)
- Coal, solid fuels made from coal: $32.7 million (up 4%)
- Tar pitch, coke: $16.1 million (up 47.3%)
- Coal tar oils (high temperature distillation): $12.6 million (down -18.4%)
- Peat: $10.2 million (down -14.8%)
- Petroleum jelly, mineral waxes: $7.9 million (up 35%)
Among these import subcategories, Greek purchases of petroleum gases (up 228.6%), electrical energy (up 156.9%) then petroleum oil residues (up 62.5%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels energy among Greek businesses and consumers.
Greece’s Top Machinery Imports Including Computers
In 2022, Greek importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$1.4 billion (up 22.7% from 2021)
- Air conditioners: $463.3 million (up 39.5%)
- Refrigerators, freezers: $330 million (up 19.1%)
- Taps, valves, similar appliances: $229 million (down -3.5%)
- Centrifuges, filters and purifiers: $225 million (up 3.5%)
- Printing machinery: $202.6 million (down -4.6%)
- Turbo-jets: $194.9 million (up 31.1%)
- Miscellaneous machinery: $173.5 million (up 7.3%)
- Dishwashing, clean/dry/fill machines: $161.8 million (down -16.2%)
- Air or vacuum pumps: $154.5 million (down -4.6%)
Among these import subcategories, Greek purchases of air conditioners (up 39.5%), turbo-jets (up 31.1%) then computers including optical readers (up 22.7%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Greek businesses and consumers.
Greece’s Top Electronics Imports
In 2022, Greek importers spent the most on the following subcategories of electronics.
- Phone devices including smartphones: US$1.3 billion (up 6.1% from 2021)
- Solar power diodes/semi-conductors: $1.2 billion (up 126%)
- Electrical converters/power units: $370.7 million (up 13.9%)
- TV receivers/monitors/projectors: $285.9 million (down -19.9%)
- Insulated wire/cable: $278 million (down -14.6%)
- Electric water heaters, hair dryers: $238.2 million (down -1.3%)
- Microphones/headphones/amps: $214.9 million (up 19.9%)
- Lower-voltage switches, fuses: $192.8 million (up 8.5%)
- Electric generating sets, converters: $178.8 million (down -12%)
- Electric storage batteries: $171.5 million (up 12.9%)
Among these import subcategories, Greek purchases of solar power diodes and semi-conductors (up 126%), microphones, headphones or amplifiers (up 19.9%), then electrical converters and power units (up 13.9%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Greek businesses and consumers.
Greece’s Top Pharmaceuticals Imports
In 2022, Greek importers spent the most on the following subcategories of pharmaceuticals.
- Medication mixes in dosage: US$2.8 billion (up 7.1% from 2021)
- Blood fractions (including antisera): $1.2 billion (down -16.8%)
- Sutures, special pharmaceutical goods: $87 million (down -9.4%)
- Medication mixes not in dosage: $78.6 million (down -11.3%)
- Packaged dressings: $62.9 million (down -0.2%)
- Dried organs, heparin: $3.8 million (down -2.3%)
Among these import subcategories, Greek purchases of medication mixes in dosage (up 7.1%) grew from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported pharmaceutical goods among Greek businesses and consumers.
See also Greece’s Top 10 Exports, Greece’s Top Trading Partners, italy’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 20, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 20, 2023
International Trade Centre, Trade Map. Accessed on April 20, 2023