Greece Export and Import
Greece Export and Import Structure
One of Greece’s important export sectors is the sale of international shipping services, which are a crucial source of foreign exchange. Having reached an historic high of US$1.8 billion in 1980-81, these earnings then declined to US$1 billion by 1986 before recovering and approaching the US$2 billion level in 1992. In 1992 the foreign exchange earned by shipping equaled one-third the value of Greek merchandise exports and about 13 percent of total exports of goods and services.
In 1992 two-thirds of foreign-exchange earnings from shipping came from shipowners’ remittances. The share of sailors’ remittances has declined consistently, however, because of increasing utilization of cheaper foreign labor on Greek-owned vessels. Chronic stagnation of the Greek shipping industry in the late 1980s and early 1990s has prevented additional earnings from this source.
Besides shipping, between 1991 and 1993, the largest contributions by invisibles to goods and service export income came from two services: tourism contributed 19 percent, and emigrant remittances added 14 percent. Even before World War I, remittances from the large Greek émigré community began to make a significant contribution to Greece’s foreign-exchange earnings. From that time until the mid-1990s, they remained a significant source of foreign currency. Net receipts from various programs of the EC, which averaged US$4 billion per year between 1991 and 1993, amounted to 25 percent of invisibles. The largest types of expenditures recorded under invisible payments were interest, profits, and dividends transferred abroad, amounting to over US$2 billion and representing about 20 percent of all invisible payments; and expenses for Greek tourism abroad which averaged US$1 billion in 1991-93, or 10 percent of invisible payments.
Data as of December 1994
Greek exports to Russia mark significant increase, according to data:
Greek exports to Russia have increased, according to recent data by the National Statistics Service for the January-May 2007 period.
The data was sent to the Greek Embassy in Moscow.
According to the Greek embassy’s Economic and Commercial Department, the bulk of bilateral trade marked a 0.41% increase, from 1.530 billion euros in 2006 1.536 billion euros in 2007. The deficit against Greece retreated by 13.45% from 1.35 billion euros in 2006 to 1.17 billion euros in 2007.
Specifically, Greek exports to Russia marked a most significant increase by 106.6% from 88.3 million euros in 2006 to 182.4 million in 2007. The total of Greek exports to Russia increased by 60% against 2005.
Russian exports to Greece declined by 6.1% from 1.44 billion euros in 2006 to 1.35 billion euros in 2007.
Russia is the major supplier to Greece of natural gas, covering 85% of the country’s needs and among the third major suppliers of crude oil.
