Rise of euro threatens to stem Greek export growth
Companies involved in exports are expressing concern at exchange rates for the euro, which in January posted an increase against all foreign currencies, according to a study by the Panhellenic Exporters’ Association published on Friday.
According to the calculation of total external trade of all eurozone countries (imports and exports), the association’s index combining the exchange rate of all non-eurozone currencies declined by 1.58 percent last month, meaning an increase in the market price of eurozone exports.
Greek exports have been growing over the last couple of years, but the rise in the euro rate since last summer has started to pose a threat to that trend. While the main market for Greek exports is eurozone countries, accounting for 60 percent of their absorption, local enterprises are making an effort to tap into third-country markets whose share in Greek exports is at 40 percent and growing.