Trade with EU newcomers grows faster

Greece’s total trade with the 10 countries of the latest EU enlargement more than tripled in the 1990s, according to a study by the Panhellenic Exporters Association. The new members’ absorption of Greek exports rose from 3.7 percent of the total in 1990 to 7.6 percent in 2000 and 8.5 percent in 2003. In 2000, exports to the 10 comprised 20 percent farm products, 56 percent industrial products, 20 percent fuels and 2.5 percent raw materials. Their total value rose from 232 million euros (equivalent) in 1990 to 964 million in 2000, an increase of 317 percent, against a 103 percent rise in total Greek exports. By contrast, the 10 countries’ share in Greek imports was significantly smaller, although it grew faster than Greek imports as a whole; they grew 338 percent, from 134 million euros in 1990 to 586 million in 2000 and 732 million in 2003. Greek imports as a whole rose 128 percent over the decade. The volume of trade was largest with Poland, the Czech Republic and Hungary.