A surplus in the trade in services, but a deficit in goods and investment shows Greece in relation to it. On the occasion of the results of the second round of the early parliamentary elections in France, it is worth taking a look at the economic relations of the two countries. According to the latest report of the Greek Embassy’s economic and commercial affairs office in Paris, economic relations between Greece and France in three key fields (goods trade, service trade, foreign direct investment) are as follows: 1. Trade in goods Greek exports to France during the five years 2016 – 2021 generally follow an impressive upward trend. With the beginning of the economic crisis in 2009, Greek exports to France decreased significantly. In the following years there has been a strong recovery for two consecutive years and then exports have retreated to reach the continuous rise in recent years. The 2021 performance is the highest of five years with a total value of EUR 1,852 billion (4%), continuing the spectacular increase recorded in 2018 (31%) 2019 (17.5%) and 2020 (49.5%). The bilateral trade between Greece and France recorded an increase of 12% in 2022 compared to 2021. According to provisional data from the Greek Statistical Authority, the volume of trade between the two countries was € 4.9 billion. Greek exports decreased by 10.2% compared to a year earlier and formed at 1,664 billion euros. Greece’s imports from France increased by 28% and were set at 3.3 billion euros. As a result, the trade balance remains deficient for our country. In fact, it more than doubled by touching 1.6 billion euros. Greek exports to France The first place in our exported products is re-occupied by the category ‘Farms consisting of products mixed or unmixed, prepared for therapeutics’ with a total value of EUR 364 million, (56.%) and a 22% share of all our exports. Of agri-food products, a significant increase was recorded in cheese exports with a value of EUR 60 million, an increase of 42% and a share of 3.6%, sea sprats with a value of EUR 45 million (a 25% increase) and a share of EUR 2.8%, peaches with a value of EUR 28 million (a 42% increase) and a share of 1.7%, yogurts with a value of EUR 18 million and a 1% share and olives with a value of EUR 18 million (a 14% increase) and a 1% share. Greek imports from France From the point of view of imported products from France, 1st place the drugs with a 6.4% share, a 22% increase and a EUR 212 million import value. Following the tariff category ‘other/mineral oils’, with a share of 4.1%, an increase of 154% and a value of 136 million euros, then beef meat, with bones fresh or preserved with a share of 3%, an increase of 11.3% and an import value of 99 million euros, followed by beauty or makeup products, with a share of 2.6%, an increase of 46% and a value of 85 million euros. The category ‘Hot rolled flat products of iron or non-alloy steel, of a width >= 600 mm’, of a value of EUR 32 million and a relative increase of 9,102 %. It is worth noting that French exports to Greece show a significantly higher degree of differentiation than Greek exports to France. France, in 2022, became the 12th customer of Greek exports (in 2021 it was the 6th customer), absorbing a 3.1% share of total Greek exports (from 4.7% in 2021). Accordingly, France, in 2022, was Greece’s 8th supplier (since the 7th in 2019), with a 5.3% share of total Greek imports (from 2.9% in 2021). 2 Trade services Greece records stable surpluses in its service balance with France. According to the data available, in 2022, Greece’s service balance with France recorded a significant 16% increase, reaching 1.2 billion euros. Greece’s receipts from France recorded a significant increase of 27.1% in 2022, reaching 1.9 billion euros, as did payments respectively an increase of 51% and a value of 755 million euros. According to Eurostat data and based on the 6th edition of the Balance of Payments Handbook (BPM6), the first place between the receipts of Greece from trade in services with France was occupied by travel services with an overwhelming share of 70% of total receipts from France. The transports follow. It is noted that out of all transport receipts, about half of them concern maritime transport. In 3rd place of classification are other business services. These include research and development services, advertising and market research services, legal, accounting, advisory and technical services. The following are telecommunications and information services, as well as insurance and pension services, with a share of 2.16% and a value of 35 million euros. Greece’s travel receipts from France in 2022 amounted to 1.3 billion euros, increased by 27.9% compared to 2021, increased by 21% compared to 2021. The arrivals of French tourists in Greece in 2022 amounted to 1.7 million travelers, increased by 50% compared to 2021. Overall, France’s share of total travel arrivals in our country fell from 7.7% in 2021 to 5.8% in 2022, with the country becoming the third most important tourist country. With regard to payments from Greece to France, according to the 6th edition of the Balance of Payments Handbook (BPM6), the first place between payments from Greece to France was occupied by transport. Here are travel services. In 3rd place of the share classification are other share business services. Insurance and pension services and telecommunications and IT services are followed by little. 3. Direct investment by Greece in France According to the latest available data from the Bank of Greece, the stock of Greek investments in France in 2021 amounted to 58 million euros, compared to 53 million euros a year earlier (a 9.4% increase). Nevertheless, the stock of Greek A.X.E. in France it remains very low, occupying, in 2021, a 0.5% share of the total stock of Greek FDI abroad. As regards the flows of Greek direct investment towards France, according to the data of the Bank of Greece, in 2022 inputs of EUR 22 million were recorded, compared to EUR 4 million in 2021. The investments of Greek companies in France are purely directed towards the real economy of the country and the most important of them have been carried out – mainly through subsidiaries – in the following sectors by the companies: Structural materials and industrial products (Lariplast, CRETE PLASTICS, ALUMIL, Viohalco Group, KLEEMANN, EPEXYL, FELMA S.T. E) Tourism services (Cyriakilis Group, Aegean Airlines, Sky Express) Medicines and cosmetics (Laboratoires Lavipharm, Gerolymatos International, FAMAR, CORRES) Food (IFANTIS, OLYMPOS) Jewellery (Zolota, Aprati) Winery (Boutari) Services and other presence of Greek companies in the French market (Autovision, Cocomat, Profile Software) Finally, the number of companies of Greek interests active in the Greek food and beverage sector in France, as well as Greek shops selling food products and ready foods (trateur), while the presence of Greek companies in the catering sector is also important. Investments by France in Greece France is traditionally among the countries that have a strong investment interest in the Greek market. However, during 2010-2014 (with the exception of 2012) there is a reduction in the French business initiatives that could be attributed to the deep recession, but also concern about the prospects of the Greek economy and the associated business risk. However, several French companies continued to promote business plans in various sectors of the Greek economy. The total stock in the Greek economy ranges in recent years between 1.3 billion euros and 2.2 billion euros, with a small upside exception in 2012 (EUR 3,1 billion), of which the largest share holds investments in a short term that are directed towards the financial sector’s product market (shares, bonds and other investment products). According to the Bank of Greece’s most recent data available, in 2021 the stock of French direct foreign investment amounted to 1,071 billion euros, recording an increase of 16% compared to 2021 and taking 4th place among foreign direct investors in Greece (previously the Netherlands, Germany and Luxembourg) with an 8.06% stake in total A.X. Uh, in our country. According to the most recent information available from the French Ministry of Finance, France is the 9th largest investor in Greece. In our country are active a number of subsidiaries of French companies and companies, mixed companies or joint ventures with corresponding Greek companies. The French companies are located mainly in Athens and Thessaloniki showing great differentiation in their activities. The priorities of the French companies in terms of Greece, according to their current activity, concern: industry, energy, basic infrastructure (public projects – highways), transport (especially railways), insurance services, tourism, consumer products, distribution networks, and the pharmaceutical sector. The most important sectors and businesses active in them are: Industry (Lafarge, Michelin, Imerys, Nexans, Safran, Thales, Schneider Electric, Naval Group) Automotive Industry (PSA Peugeot and Renault) Energy (Heron ENGIE, Angie Hellas, EDF Renewables, Akuo Energy, Omexom, Valorem, Total, Total Aren) Infrastructure & Transport (Vinci, CMA – CGM, Geodis, Alstom, SUEZ Greece) Consumer products (BIC, L’Oréal, Hermès, Seb, Dior – LVMH, Sephora, Leroy Merlin) Pharmaceutical industry (Sanofi – Aventis, Pierre Fabre, BioMérieux) Food (Danone, Délifrance, Groupe – Bel, Lesaffre Hellas, Pernod Ricardo) Insurance (AXA, Groupama, CNP, Crédit Agricole Life) Tourism (Accor, Club Med) Services (Teleperformance, Bureau Veritas Greece, Edenred, WebHelp)