Greek exports fell sharply in January 2026, dropping nearly €500 million to €3.63 billion—down 11.9% from €4.12 billion in January 2025. Compared to December 2025, exports were also 12.5% lower, signaling a notably weaker start to the year for external trade—especially in petroleum products. Yet the trade deficit narrowed slightly, thanks to an even steeper decline in imports.
Exports Hit Hardest Outside the EU
The steepest decline came in shipments to third countries—exports fell to €1.43 billion from €1.87 billion a year earlier, a drop of 23.6%. By contrast, exports to European Union countries edged down only 2.2%, to €2.21 billion from €2.26 billion.
Excluding Energy, the Picture Improves Significantly
When petroleum products are excluded, total exports stood at €2.85 billion—down just 3.5% year-on-year from €2.95 billion in January 2025. Removing ships as well brings exports to €2.84 billion, a 3.4% decline. This shows the double-digit overall drop is driven largely by volatility in energy exports—not a broad-based slump across all sectors.
A similar pattern emerges geographically: excluding petroleum, exports to the EU fell only 1.3% (to €1.95 billion), while those to third countries dropped 8% (to €895.3 million).
Top Export Categories
Within the EU, the largest export categories in January were food and live animals (€549 million), mineral fuels (€399.8 million), industrial goods classified mainly by raw material (€363.9 million), and chemical products (€341.8 million).
To third countries, mineral fuels dominated at €575.4 million, followed by food (€211 million), industrial goods (€172 million), and chemicals (€132.9 million). This composition explains why energy price and volume fluctuations heavily influence monthly export totals.
Imports Also Declined—But Less Sharply
Imports fell 7.4% to €6.44 billion from €6.96 billion in January 2025. Excluding petroleum products, imports declined 4.8% to €4.89 billion; removing ships as well brought them to €4.88 billion—a 4.7% drop.
Trade Deficit Slightly Narrowed
The overall trade deficit stood at €2.81 billion in January 2026—down 0.9% from €2.83 billion a year earlier. When petroleum products are excluded, the deficit improved more substantially: it shrank to €2.04 billion, a 6.6% improvement. Excluding both petroleum and ships, it reached €2.03 billion.