Exports weather the storm

Greek products have displayed remarkable resilience in international markets, but the pandemic has had a negative effect on Greek fuel exports as both sale prices and quantities exported posted a considerable decline last year.

Overall, the Hellenic Statistical Authority (ELSTAT) figures for 2020 showed that Greek exports posted their first decline since 2016, amounting to 18.5% from 2019. However, when fuel exports are excluded, the sum is positive, which is even more important for a year that was exceptionally difficult for the economy.

The second positive element is the reduction of imports and the trade deficit, attributed to the drop in domestic consumption and the reduction of activity.

ELSTAT data put the total value of 2020 exports (fuel included) at 30.7 billion euros, down from €33.86 billion in 2019. However, when fuel and ships are excluded, the sum...