Panhellenic Exporters Association: International instability and interest rates hit Greek exports in January

The instability prevailing in international markets, high and turbulence from the war fronts in the Middle East and Ukraine has begun to affect the efforts to develop Greek, according to a note from the Panhellenic Exporters Association (PAC) following the announcement by ELSTAT on the trade balance. “The deterioration of international market conditions continues to affect Greek exports,” according to the president of the MAI, Christina Sakellaridis. “The escalation of the war conflict in Israel, with the Huthi attacks on merchant ships in the Red Sea and the maintenance of interest rates at high levels now begin and affect the effort of Greek businesses to develop their footprint on international markets. The search for new markets, which show opportunities and prospects, is increasingly entering their agenda. The MAI closely monitors developments and is on an open line with the Greek exporters. We must all ensure that the positive model that still exists on the international markets for Greek products is maintained, ensuring their competitiveness.” Regarding large product categories, in January 2024 declining trends are recorded in almost all sectors. Only exceptions are food sectors (9.5%) and beverages & tobacco (12.2%). More specifically, the percentage reduction recorded in the high-value categories: Petroleum-fuel (123%), Industrial(-13.6%), Chemical (-8.5%) and Various Industrial(-12.6%). Exports of raw materials (-28.4%), oils/48.6% and Confidential Products (-20.7%) are also falling. Finally, exports of the machine category (0.4%) remained stagnant compared to January 2023. In particular, the analysis of the Panhellenic Exporters Association and the Export Research and Research Centre (CEC) states that exports, including petroleum products, in January 2024, mark a reduction of EUR 503.9 million or by -11.2% and were set at € 4.01 billion from €4.51 billion in the corresponding month of 2023. Without oil, exports declined by -8.3% or by EUR242.6 million and reached only EUR 2.70 billion from EUR 2.94 billion. But imports in January 2024 also recorded a downward trend by -6.3% or by 437.5 million euros and touched just EUR 6.55 billion compared with EUR 6.99 billion in the same month of the year 2022. Apart from oil products, imports of goods amounted to EUR 4.64 billion from EUR 4.81 billion, i.e. they decreased by EUR 162.7 million or by -3.4 %. As a result, the trade deficit increased slightly in January 2024 and reached EUR 2.54 billion from EUR 2.48 billion last month, i.e. by EUR 66.4 million, or by 2.7%, without oil products, the trade deficit reached EUR 1.95 billion from EUR 1.87 billion, i.e. by EUR 79.9 million, or by 4.3%. Exports by industry Regarding large product categories, in January 2024 declining trends are recorded in almost all sectors. Only exceptions are food sectors (9.5%) and beverages & tobacco (12.2%). More specifically, the percentage reduction recorded in the high-value categories: Petroleum-fuel (123%), Industrial(-13.6%), Chemical (-8.5%) and Various Industrial(-12.6%). Exports of raw materials (-28.4%), oils/48.6% and Confidential Products (-20.7%) are also falling. Finally, exports of the machine category (0.4%) remained stagnant compared to January 2023.

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