January entered with the right… export, with strong performance in the first month of 2023, to 30.2%, which is even more significant given the much smaller growth in imports, which strengthened by 5.8%. This caused a decrease trade deficit by 21.9%, which, however, comes after a year of jumpy growth, as it increased by 50.7% in 2022, reaching 38.337 billion euros.

According to data released yesterday Hellenic Statistical Office (ELSTAT)in January 2023, the total value of exports was 4.46 billion euros, including oil products, which is 30.2% more than in January 2022. Excluding oil products and ships, Greek exports also increased significantly by 17.3%.

An increase, but much smaller, was also noted in import. According to ELSTAT, the total value of imports in January 2023, including oil products, was 6.82 billion euros, an increase of 5.8% compared to January 2022. Excluding oil products and ships, the value of imports increased by 4.2%.

The result of the above was a reduction in the trade deficit by 21.9% in January 2023 compared to the corresponding month of 2022. In particular, it formed, including oil products, in the amount of 2.36 billion euros from 3.027 billion euros in January 2022.

The reduction in the trade deficit is largely due to the decline in energy prices, on the import of which Greece is highly dependent. After all, excluding oil products, the reduction in the trade balance deficit was much smaller, 12.7% according to ELSTAT.

The reduction in the deficit is associated with a decrease in energy prices.

The development in terms of the trade deficit is encouraging, but by no means encouraging. And this is because in the recent past, in this case in 2022, the uncompetitiveness that still characterizes the Greek economy has been highlighted again, despite what has been done in this direction during the decade-long economic crisis and the implementation of the memorandums . . As the Eurobank usually notes in its weekly Economics in 7 Days newsletter, the Greek economy “recorded high growth rates in 2022, but the result was accompanied by a high external balance deficit, that is, spending by households, businesses and the government on the purchase of goods and services far exceeded domestic production (=income), namely by 19.6 billion euros at current prices (9.4% of GDP).”

Performance by sector

In January 2023, upward trends were recorded in the exports of all major industries, with the exception of the primary sector (-10.5%). According to the Panhellenic Exporters Association (PSE), a significant percentage increase is observed in petroleum products (+61.1%), food and live animals (+12.5%), industrial (+9.8%), chemicals (+9 ,8%). +25.2%) and cars (+6.8%).

They are followed by various industrial (+33.4%), oils (+250.6%), beverages and tobacco (+37.5%) and confidential products (+3.2%) compared to January 2022.