Thursday Jan 29, 2015 Search
Weather | Athens
14o C
8o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
The four reasons why exports are declining

By Dimitra Manifava

Over 2,500 enterprises have joined the Panhellenic Exporters Association (PSE) register since 2010 as companies seek new ways to sell their products and services following the dramatic contraction of the domestic market due to the prolonged recession.

The outward-looking trend has led exports to blossom over the last three years, peaking at the historic high of 27.61 billion euros (including oil products and lubricants) in 2012. The momentum of Greek exporters has attracted the interest of foreign funds in recent months, with some expressing an interest in investing.

However, “like the miracles that last for just three days, in the exports sector they have lasted for just three years,” PSE president Christina Sakellaridi told a press conference this week, referring to the signs of fatigue in the sector after a robust period.

In 2013 the value of Greek exports declined by 0.2 percent year-on-year, or 2.1 percent when oil products are exempted, while early estimates from the Hellenic Statistical Authority (ELSTAT) show that the declining course continued in January 2014.

The PSE chief attributed this negative development first to the cash flow problems that many Greek enterprises are facing, which are exacerbated by the fact that they are being forced to sell their products below cost in order to retain competitiveness. Sakellaridi also referred to the issue of the delay in the value-added tax rebates to exporters, stressing that in no other country in the world are companies placed under such pressure. However, she did concede that the delays are shorter compared with the past, while noting that some exporters collected rebates last year which had dated to 2009.

Greek exports have also been hit by the political unrest and unfavorable economic developments in traditional markets for Greek products such as Egypt, Syria, Turkey and Cyprus. The latest developments in Ukraine resulted in the cancellation of Greek orders, too. As yet, there has not been any impact on exports to Russia, a major importer of Greek products.

A third, significant reason that the rising course of exports has has come to an end has been the delay in reforms aimed at simplifying exporting procedures, although Sakellaridi did acknowledge that a degree of progress has been recorded.

The fourth factor is the absence of any strategy for exports that would focus interest on target markets. It is only in the last few years that markets with a strong Greek presence have been targeted efficiently, although in some cases, such as the US, precious time has been wasted and the situation appears irreversible. “Trade fairs are fine, but they do not suffice alone,” stated Sakellaridi.

ekathimerini.com , Thursday March 13, 2014 (20:18)  
Finance Ministry says Dijsselbloem visit will kick off debt talks
France says no waiver for Greece, maybe more time to pay debts
Greek banks rebound as gov´t cites inexperience for remarks
Greek bond drop sends yield to 16-month high on debt wrangling
New Greek finance minister to visit UK, France, Italy
Greeces new left-wing Finance Minister Yanis Varoufakis will visit three European Union capitals next week to push the government’s agenda for a renegotiated deal on its multi-billion-euro b...
New defense minister to visit Cyprus
Greece's new Defense Minister Panos Kammenos will visit Nicosia following an invitation by his Cypriot counterpart Christoforos Fokaidis, reports said Thursday. It will be Kammenos's first o...
Inside News
SOCCER
PAOK strikes deal with Portugal´s Ricardo Costa
PAOK announced on Tuesday its agreement with Portuguese international defender Ricardo Costa. The Thessaloniki club added that the player is expected on Wednesday to undergo a medical test a...
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
Inside Sports
COMMENTARY
New Democracy’s challenges
There is a good deal of unease in New Democracy, and not just because of the defeat it suffered in Sunday’s polls. That had been expected, despite the optimistic and combatant messages from ...
EDITORIAL
Keep politics out of school
A few years ago the Greek Parliament ratified a law for a complete overhaul of the tertiary education system with a solid majority of 255 votes from 300 MPs. Since then, with the exception o...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. New Greek finance minister to visit UK, France, Italy
2. New defense minister to visit Cyprus
3. Berlin ´less concerned´ about Greek position on Russia after talks
4. Greece says seeking to ´prevent rift´ between EU and Russia
5. Finance Ministry says Dijsselbloem visit will kick off debt talks
6. Patriarch Vartholomaios congratulates Tsipras on election victory
more news
Today
This Week
1. Greece wants a debt break, but what about its poorer neighbors?
2. $11 billion wiped from Greek banks on nationalization threat
3. Investors turn on Tsipras’s campaign to end austerity in Greece
4. Varoufakis says Russia row not about sanctions, but proper consultation
5. Schulz warns Tsipras against straying from stance against Russia, ahead of Athens meeting
6. Greek banks rebound as gov't cites inexperience for remarks
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Greek Elections 2015: The day after | LIVE
6. Poll shows SYRIZA leading ND by 4 pct
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.