Exporters need to shift their focus

After experiencing a 0.2 percent annual decline in 2013 (and 2.2 percent drop when oil products are excluded), the country’s exports sector now needs to turn to products of high added value, according to an analysis published by Piraeus Bank.

Products such as tobacco (pictured), fruit and vegetables, dairy products, fish and seafood, leather goods, fertilizers, unprocessed minerals, iron and steel have a high added value ratio, but Greek exports are dominated – to the tune of 35 percent – by oil products, which have a relatively low added value ratio.

Consequently, the report suggests, efforts to draw up a new growth model should shift toward more dynamic sectors with a stronger comparative advantage.

Electrical equipment, certain industrial goods and medical and pharmaceutical products are also among the top 10 sectors in Greek exports, even though they are not of high added value in terms of exports.