A southern European nation strategically located near Asia and Africa, Greece has a population of 10.5 million people. Greece’s official name is the Hellenic Republic.
Greece exported US$55.1 billion worth of products around the world in 2023. That dollar amount results from a 45.4% increase compared to $37.9 billion five years earlier during 2019.
From 2022 to 2023, the overall value of Greek exports declined -4.3% from $57.6 billion.
Greece is a relatively small player in international trade. Its $55.1 billion in exports equals about 0.2% of the value for globally exported goods from all countries ($24.707 trillion for 2022).
Applying a continental lens, approaching three-quarters (72.1%) of Greece exports by value was delivered to fellow European countries while 14.3% was sold to importers located in Asia. Greece shipped another 6.9% worth of goods to Africa.
Smaller percentages were distributed among buyers in North America (4.7%), Latin America (1.2%) excluding Mexico but including the Caribbean, then Oceania (0.8%) led by Marshall Islands, Australia and New Zealand.
Greece’s Top Trading Partners
Below is a list showcasing 25 of Greece’s top trading partners, countries that imported the most Greek shipments by dollar value during 2023. Shown within parenthesis is each import country’s percentage of total Greek exports.
- Italy: US$6.4 billion (11.6% of total Greek exports)
- Bulgaria: $3.8 billion (6.9%)
- Germany: $3.7 billion (6.7%)
- Cyprus: $3.6 billion (6.5%)
- Spain: $2.24 billion (4.1%)
- United States of America: $2.17 billion (3.9%)
- United Kingdom: $2.09 billion (3.8%)
- Romania: $1.97 billion (3.6%)
- France: $1.94 billion (3.5%)
- Türkiye: $1.94 billion (3.5%)
- Libya: $1.7 billion (3.1%)
- Lebanon: $1.54 billion (2.8%)
- North Macedonia: $1.49 billion (2.7%)
- Netherlands: $1.4 billion (2.5%)
- Gibraltar: $1.2 billion (2.3%)
- Poland: $1 billion (1.8%)
- Ukraine: $897.8 million (1.6%)
- Belgium: $799.1 million (1.5%)
- Albania: $771.7 million (1.4%)
- Israel: $708.1 million (1.3%)
- South Korea: $645.3 million (1.2%)
- Serbia: $564.8 million (1%)
- Austria: $555.8 million (1%)
- Egypt: $547.5 million (1%)
- Hungary: $516.4 million (0.9%)
Four-fifths (80.2%) of Greek exports in 2023 was delivered to the above 25 trade partners.
Posting the strongest gains in their purchases of Greek exports were customers in the Ukraine (up 148.4% from 2022), Egypt (up 37.4%), Austria (up 16.3%), Cyprus (up 12.8%) and Belgium (up 10.9%).
The severest decliners among Greece’s top 25 product buyers were Türkiye (down -26.4%), Israel (down -20.8%), North Macedonia (down -19.2%), South Korea (down -15.7%) and Bulgaria (down -13.7%).
Countries Causing the Greatest Trade Deficits for Greece
Greece experienced a -US$34.4 billion trade deficit during 2023, a -14.9% decrease from the -$40.4 billion in red ink for 2022.
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 2023, Greece incurred the highest trade deficits with the following countries.
- mainland China: -US$7.1 billion (country-specific trade deficit in 2023)
- Germany: -$5.7 billion
- Iraq: -$5.5 billion
- Netherlands: -$4 billion
- Kazakhstan: -$3.6 billion
- Russia: -$2.5 billion
- France: -$2 billion
- Belgium: -$1.6 billion
- Azerbaijan: -$1.4 billion
- Spain: -$1 billion
Among Greece’s trading partners that cause the greatest negative trade balances, Greek deficits with Spain (up 80.5%), Kazakhstan (up 31%) and the Netherlands (up 21.6%) grew at the fastest pace from 2022 to 2023.
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.
Countries Generating the Strongest Trade Surpluses for Greece
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 2023, Greece incurred the highest trade surpluses with the following countries.
- Cyprus: US$2.9 billion (country-specific trade surplus in 2023)
- Lebanon: $1.5 billion
- Gibraltar: $1.2 billion
- United Kingdom: $1.1 billion
- North Macedonia: $931.8 million
- Romania: $848.4 million
- United States of America: $582.4 million
- Ukraine: $569.2 million
- Bulgaria: $559.8 million
- Malta: $428.5 million
Among Greece’s trading partners that generate the greatest positive trade balances, Greece surpluses with Ukraine (up 761.4%), Cyprus (up 10.6%) and Romania (up 0.7%) grew from 2022 to 2023.
Greece reversed a -$1.3 billion deficit trading with the United States of America in 2022, recording the multi-million-dollar surplus listed above.
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.
Major Greek Export Companies
Based on Forbes 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 Greece’s Top 10 Imports, Greece’s Top 10 Imports, italy’s Top 10 Exports and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 25, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 25, 2024
International Trade Centre, Trade Map. Accessed on April 25, 2024
Investopedia, Net Importer Definition. Accessed on April 25, 2024
Zepol’s company summary highlights by country. Accessed on April 25, 2024