Greek exports recorded their third-best performance, after that of 2022, in 2024, when they closed at 49.9 billion euros, despite the adversities in the international environment and their slight decrease, by 2.2%, compared to 2023.

"2024 was another challenging year for outward-looking entrepreneurship, as geopolitical turbulence and economic challenges affected the dynamics of exports. Ongoing conflicts in the Middle East and instability in maritime trade routes, particularly in the Red Sea, maintained pressure on supply chains, while the high cost of money and inflationary pressures shaped a challenging international environment," said Simeon Diamantidis, President of the Exporters' Association—SEBE, adding that the Greek economy nevertheless maintained high levels of extroversion last year, adding:

"Despite the adversity, product exports for 2024 amounted to €49,902.2 million, keeping the Greek economy at high levels of extroversion. Although they showed a slight decrease compared to the previous year, the resilience of Greek businesses was evident as they adapted to the new conditions and maintained their momentum in international markets. The €2.5bn increase in the trade deficit is an indication of the widening trade balance, reflecting the overall demand dynamics in the economy. According to the data, the 1.7% increase in total imports (€1.4bn) and the 2.2% decrease in total exports (€1.1bn) reflect a trend of strengthening domestic consumption and dependence on international trade. Excluding petroleum products, exports increased by 2.3% (€820 million), but imports increased by 3.6% (€2.2 billion), resulting in a widening, albeit to a lesser extent, of the trade deficit by 5.4% (€1.4 billion).

If the increase in imports mainly concerns consumer goods without a corresponding strengthening of the domestic production base, the result is a widening of the trade deficit and greater dependence on foreign trade.

IMPORT GROWTH

However, when import growth is accompanied by strong investment activity, it may act as a support to the economy, leading to growth through capital inflows and technological upgrading of production. This is particularly true in sectors where imports concern capital goods and, in particular, fixed assets, which include durables, e.g. plant, equipment, etc.

Greece's imports record a significant concentration in categories relating to machinery and industrial goods, necessary for the implementation and completion of investments made by Greek enterprises in machinery, technological equipment and renewable energy sources, through the funds that the country has secured and must be absorbed within the next three years.

The significant gap between imports and exports in specific categories underlines the need for investments that will boost domestic production. Investment flowing into the country through European programs and private capital can help reduce this imbalance, provided it is directed towards strategic sectors that improve the competitiveness of domestic production and reduce the need for imports.

SUCCESS

The success of Greek exports continues to rely on the adaptability and innovation of enterprises. Companies that exploit modern technologies, enhance their productivity and diversify their markets manage to overcome challenges and build a more sustainable and competitive export profile. Developments in the international economic and geopolitical environment, particularly in the United States, directly affect trade flows and business strategies, creating both opportunities and challenges. The tariffs to be imposed during the Trump presidency continue to be a negotiating tool in US trade relations, enabling Greek businesses to claim more favorable terms in key export sectors. At the same time, strengthening the extroversion of small and medium-sized enterprises, which form the backbone of the Greek economy, plays a key role in the further development of exports. Against this background, the development strategy of Greek exports should focus on the promotion of technologically advanced products and the penetration of new markets in order to ensure the long-term sustainability and competitiveness of export activity."