Greece's Top Imports & Exports 2008
Major Greek Imports Include Fuel Oil, Aircraft and Military Parts
Oct 7, 2009
Achieving a Gross Domestic Product (GDP) valued at US$357.6 billion, Greece was the world’s 27th richest country in 2008.
With a population of 10.7 million Greeks who enjoyed an average GDP of $32,000 per person last year, Greece was also the 38th wealthiest nation in terms of GDP per capita.
In 66th place among other exporting nations, Greece shipped $29.1 billion worth of exports in 2008. Principal Greek exports were food and beverages, manufactured goods, petroleum products, chemicals and textiles. Based on 2008 statistics, Greece’s largest export clients were Italy (11.5%), Germany (10.5%), Bulgaria (7%), Cyprus (6.2%), the United States (5%), the United Kingdom (4.7%) and Romania (4.4%).
According to the CIA World Factbook, Greece imported $93.9 billion worth of foreign goods last year. Major commodities imported into Greece include machinery, transport equipment, fuels and chemicals. Leading suppliers to Greece were Germany (13.3%), Italy (12.8%), China (6.2%), France (5.6%), Netherlands (5.1%) and Russia (4.7%).
In total, Greece’s international trade amounted to $348.4 billion or 34.5% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Greek Trade with the U.S.
Last year, Greek exports to America fell 16.2% to $998.9 million. Over that same period, Greece bought $1.9 billion worth of U.S. imports – a milder decrease of 8.5%.
Therefore, Greece incurred a billion-dollar trade deficit with its U.S. trade partner in 2008.
The lists below present the top 10 exports and imports that American and Greek enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Greece’s Top Exports to America
The top 10 Greek exports shipped to the U.S. in 2008 were for relatively modest amounts but still generated 67.7% of total shipments to America from Greece. Nine product categories were for less than $100 million, while 7 export classifications showed decreases ranging from negative 0.2% to minus 43.1% from 2007.
- Oilfield and drilling equipment … US$227.4 million, down 14.9% from 2007 (22.8% of US imports from Greece)
- Other petroleum products … $98.8 million, down 12.6% (9.9%)
- Vegetables and preparations … $96.6 million, down 0.2% (9.7%)
- Writing and art supplies … $58.1 million, down 25.8% (5.8%)
- Aluminum … $41.9 million, down 24.5% (4.2%)
- Dairy products and eggs … $35.4 million, down 31.1% (3.5%) 55.9
- Stone, sand, cement and lime … $34.8 million, down 43.1% (3.5%)
- Other tobacco, waxes and non-food oils … $32.2 million, up 3.7% (3.2%)
- Telecommunications equipment … $23.6 million, up 63.7% (2.4%)
- Toiletries and cosmetics … $22.4 million, up 86.5% (2.2%).
Fastest-Growing Greek Exports to the U.S.
A relatively small export category, wool or silk cloth and thread experienced an impressive sales gain of 5,117% in 2008. The 9 other products realized modest double-digit increases ranging from 20% to 86.5%.
- Wool or silk cloth and thread … US$6.9 million, up 5,117% from 2007
- Toiletries and cosmetics … $22.4 million, up 86.5%
- Numismatic collectible coins … $5.7 million, up 86%
- Machine tools … $2 million, up 70.8%
- Telecommunications equipment … $23.6 million, up 63.7%
- Sulfur and non-metallic minerals … $18.1 million, up 60.1%
- Industrial organic chemicals … $2.8 million, up 46.7%
- Fish and shellfish … $12.8 million, up 29.6%
- Military aircraft and parts … $20.5 million, up 22.2%
- Other vehicle parts and accessories … $11.5 million, up 20%.
Greece’s Top Imports from America
America’s top 10 exports to Greece represent a wide range of products. In total, the top 10 product categories below account for 55.5% of total Greek imports from the U.S.
- Fuel oil … US$227.6 million, up 10,139% from 2007 (11.8% of US exports to Greece)
- Civilian aircraft … $192.3 million, up 151.3% (10%)
- Parts for military-type goods … $141.1 million, down 5.2% (7.3%)
- Steelmaking materials … $116.5 million, up 22.1% (6%)
- Medicinal equipment … $95.7 million, up 6.2% (5%)
- Pleasure boats and motors … $70.1 million, up 39.3% (3.6%)
- Industrial engines … $61 million, up 559.1% (3.2%)
- Passenger cars … $60.9 million, down 36.9% (3.2%)
- Other petroleum products … $51.9 million, up 87.7% (2.7%)
- Nuts … $51.7 million, down 16.6% (2.7%).
Fastest-Growing Greek Imports from the U.S.
Not only was fuel oil the number one U.S. export to Greece last year, American fuel oil shipments of fuel oil to Hellas (informal nickname for Greece) was up by an amount 100 times greater than in 2007.
- Fuel oil … US$227.6 million, up 10,139% from 2007
- Other coal and fuels… $4.8 million, up 8,253%
- Industrial engines … $61 million, up 559.1%
- Generators and accessories … $29.9 million, up 452%
- Soybeans … $16.8 million, up 268.1%
- Military aircraft engines and turbines … $5 million, up 161.9%
- Civilian aircraft … $192.3 million, up 151.3%
- Leather and furs … $26 million, up 138.5%
- Semiconductors … $25.5 million, up 114%
- Copper … $44.4 million, up 105.8%.
Comparative Trade Advantages
During 2008, Greece exported $22.4 million worth of toiletries and cosmetics to the U.S. while importing only $12.3 million worth of American toiletries and cosmetics.
These Greek-American trade statistics show that Greece has comparative advantages over the U.S. in the toiletries and cosmetics trade between the two nations.
On the other hand, America exported $192.3 million worth of civilian aircraft to Greece in 2008 contrasted with U.S. imports of Greek civilian aircraft engines and parts worth $1.3 million.
That the U.S. exported almost 200 times the value of Greek civilian aircraft products clearly shows that America has a comparative advantage in exporting civilian aircraft to Greece.
Sources
This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
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