ECONOMY

Exports rely on nearby markets and fuel products

Greek exports remain heavily dependent on fuel products and neighboring markets, while the country’s products appear to be losing ground in markets with great potential, such as those of the US, China and Israel, according to an analysis by the Panhellenic Exporters Association.

The good news is that the losses for agricultural producers stemming from a Russian embargo have been offset by a rapid increase in exports to Ukraine, Moldova and Azerbaijan.

According to exports data for the first nine months of the year, Turkey remains the main destination for Greek products, reaching 2.36 billion euros in the year to end-September, having decreased 3.1 percent on a yearly basis. There is no change in the other four markets in the top-five destinations, as Italy is still in second, followed by Germany, Bulgaria and Cyprus. The top 10 also includes Gibraltar, which is home to a number of offshore commercial firms.

Greek exports are expected to drop by 2-2.5 percent this year. One contributing reason is that Italy absorbed 8.7 percent less in the first nine months of the year, totaling 1.17 billion euros. There was also a major drop in exports to the US, amounting to 19.9 percent, for a total of 574.4 million euros, while the drop was greater for China (34.9 percent) and Israel (50 percent).