With a significant reduction in its deficit trade balance closed the first quarter of 2023 compared to last year, mainly as a result of lower prices for key primary and secondary materials, or at least their further increase. At the same time, it appears that Greek export companies did not have to cut prices significantly to maintain their positions. Greek products. Result: at the quarterly level, they exceeded 13.5 billion euros.

According to data released yesterday by the Hellenic Statistical Office (ELSTAT), the total value of imports in March 2023 was 7.38 billion euros compared to 7.09 billion euros in March 2022, an increase of 4.1%. Excluding petroleum products, the value of imports increased by 3.2%. At the same time, exports, including oil products, increased by 5.7% to 2.58 billion euros against 2.54 billion euros, recording an increase of 5.7%. If oil products are excluded, the increase in Greek exports in March was much higher – 13%.

The trade deficit increased in March 2023 by 1.3%, including oil, compared to last year. However, excluding oil products, the trade deficit fell by 238.4 million euros, or 11%.

Even more encouraging are reports of the trade deficit remaining at the level of the first quarter. In particular, the trade deficit for the period from January to March 2023 amounted to 7.22 billion euros compared to 8.91 billion euros in the first quarter of 2022, recording a decrease of 1.7 billion euros, or 19%. Excluding oil products, the reduction in the trade balance deficit in the first quarter of 2023 was 12% compared to the corresponding period last year.

In the January-March 2023 quarter, compared to the first quarter of 2022, exports of food products increased (by 256.9 million euros, i.e. by 15.8%), chemicals (by 220.2 million euros, i.e. e. by 14.5%), machinery and vehicles (by 140.3 million euros, i.e. by 12.0%), various industrial (by 116.9 million euros or 15.0%), fats and oils (by 389.5 million euros or 181.9%) and beverages and tobacco products (by 70 million euros or 30.2%).

A slight decrease was recorded in exports of industrial goods (by 8.6 million euros or 0.4%), and exports of raw materials (down by 25.2 million euros or 4.8%) and unclassified goods (down by 22 million euros or 12 .7%). %).

In particular, in March 2023, compared to March 2022, oil exports decreased by 13.1%, and exports of industrial goods – by 3.3%. On the other hand, exports of foodstuffs increased by 22.9%, chemicals by 10.6%, machinery and vehicles by 19.3%, fats and oils by 139.8%, raw materials by 10% and drinks – tobacco by 33%. ,4%.