ECONOMY

Exports to China leap 269 percent in Q1

Greek exports to China rocketed by 269.1 percent in the first quarter from the level for the same period last year, data from the Panhellenic Exporters Association showed on Friday.

As a result, China has jumped from the 34th-biggest market for Greek exports to 13th.

Exports to the Middle East and North Africa also rose by 98 per cent, while exports to other European Union member states went down by 6.8 percent.

Oil products and cotton are now Greece’s two biggest exports, while medicine, fish, steel rods and electricity are among the top 10.

China has made big investments in Greece during the debt crisis and several trade deals were signed when the head of China’s national consultative assembly, Jia Qinglin, and deputy trade minister Zhong Shan visited last year.

The Piraeus port authority (OLP) has a concession agreement with Chinese global shipping giant Cosco which runs two of the port’s container terminals.

The Greek government, which is struggling to reduce a huge debt burden, has announced plans to sell a major part of its 75-percent stake in the company.

Chinese companies have also been eying investments in sectors such as telecommunications, bank services, the automobile industry, railroad equipment, real estate, brewery, electronics, clothing and glassware. [AFP]