Greek exports are thriving in new destinations such as North Africa, the Middle East and China, thereby offsetting to a great extent the losses resulting from the drop in product traffic to European countries.
According to analysis of first-quarter export data conducted by the Panhellenic Exporters Association, Saudi Arabia (9th), China (13th), Libya (14th) and Israel (15th) have climbed into the top 15 destinations of Greek exports in the January-March 2012 period.
The most notable growth was seen in exports to China, which soared 269.1 percent compared with the first quarter of 2011, when the Chinese market was only the 34th biggest market for Greek products. Exports to the Middle East and North Africa increased by 98 percent on a yearly basis, while those to India observed an 81.9 percent rise, sub-Saharan Africa a jump of 81 percent, and North America a respectable 47.8 percent increase.
Although there was a 6.8 percent reduction in Greece?s main market, the countries of the European Union, they continue to account for 64.7 percent of Greek exports (not including oil products), which is why the association believes that restoring trust in the Greek economy will benefit the country?s exports to a considerable extent.
Cotton products climbed to the second spot among Greek exports, after lying in 16th last year, behind oil products, which posted a 60.8 percent rise. A significant amount of oil product exports consists of the fuel used for the refueling of merchant marine vessels docking at the country?s ports.