ECONOMY

Greek exports to the US rose 10 pct last year

Greek exports to the United States in 2014 enjoyed their second-best year since 2007 in terms of growth and exceeded $1 billion for the first time in that period, according to data from the US International Trade Commission (USITC).

There are two main reasons for the impressive 9.8 percent annual growth in exports to the US: the decline of the euro against the dollar, which increased the competitiveness of Greek products, and the constant growth in Greek companies resorting to exports as the domestic market remained frozen.

USITC data showed that the US imported Greek products totaling $1.047 billion (about 976 million euros) against $956 million (some 889 million euros) in 2013. Still, 2007 remains the best year as far as Greek exports to the US are concerned, amounting to $1.19 billion, or some 1.11 billion euros at the current exchange rate.

The range of products that Greece exports to the US is fairly wide, including agricultural commodities, food, minerals and industrial goods. Greece’s main export to the US is olives, whose value exceeded $115 million in 2014. Olives accounted for 11 percent of all Greek exports to the US last year.