Thursday, October 30, 2014

Greek exports have profited from a slump in the euro exchange rate against the U.S. dollar. As a result, Greek exports to third countries have surged. In particular, the boom concerns products mostly sold in the Balkans and Turkey. An average of 60% of Greek beverages and 58% of Greek tobacco find their way to markets outside the EU. The same applies to minerals (75%), raw materials (80%), refined petroleum products (88%), industrial products (55%), machinery and equipment (57%). The food industry has also gained momentum; 65% of Greek meat products and almost all livestock (95%) are directed to countries outside the EU.

Nevertheless, while the change in currency prices has made some Greek products more competitive, Greek agricultural products must cover a lot of ground inside the EU, if they want to compete with exporting giants such Spain, which covers 20% of total EU agricultural products sold to third countries, and Italy (10%). For the record, EU countries dominate the global agricultural market, since they have 75% of the global market share.