Gas boosts imports from Russia
The steep rise in the price of natural gas has boosted the value of Greek imports from Russia despite the EU-wide sanctions slapped on that country following the attacks it launched on Ukraine on February 24.
According to data published by Greek independent statistics authority ELSTAT, Russian exports to Greece increased 112.3% in value to €3.461 billion during the first half of 2022 compared to the same period last year, when they reached €1.63 billion.
By contrast, the value of Greek exports to Russia has plummeted: In the first half of 2021, it was €86.4 million; this year, it reached €60.2 million, a 30.3% decline.
Greece’s trade deficit with Russia in the first half of the year was €3.401 billion, compared to €1.544 billion a year ago; thus it went up 120%.
June 2022 imports from Russia stood at €625.3 million, or 86.3% higher than the €335.7 million recorded in June 2021.
Greek exports, in line with the overall trend, dropped 27% to €12.7 million from €17.4 million in June 2021; the monthly deficit was €612.6 million, or 47% more than last June.
The opposite has happened in Greece’s bilateral trade with Ukraine: The war has heavily impacted production there, but, somehow, Greek exports increased significantly. In the first half of 2022, Greek imports from Ukraine were worth €74.5 million, or 14.9% lower than the first half of 2021, when they had reached €87.5 million.
Exports to Ukraine, by contrast, rose 28.6%, from €101.5 million in the first half of 2021, to €130.6 million in January-June 2022. In June 2022 alone, Greek exports reached €86.0 million, a 148.9% increase on last year’s €34.6 million. Imports from Ukraine plummeted 40.9%, from €14.4 million in June 2021 to €8.5 million a year later. The recent resumption of Ukrainian wheat exports could change the picture.
If trade with Ukraine has slowed down, business ties are stronger than ever. Several Ukrainian companies, especially in the shipping sector, have either relocated to Greece or boosted their presence in the country. And tens of thousands of Ukrainians have chosen Greece as a refuge from the war: Specifically, 75,942, including 19,760 minors, had entered by last week, with more on the way.
