• Analysis and Studies
• Greece: a look at the market (1)

Greece, located in southeastern Europe, is renowned for its profound impact on Western culture and history. Often hailed as the cradle of democracy, philosophy, and literature, it produced influential thinkers like Socrates, Plato, and Aristotle, whose ideas shaped modern intellectual traditions, and the country is also famous for its mythology and iconic historical sites, such as the Parthenon in Athens.

Geographically, the country boasts rugged mountains, an extensive coastline, and numerous islands across the Mediterranean, Aegean, and Ionian Seas. Today, Greece is a modern nation with Athens as its capital, part of the European Union, and celebrated for its cultural heritage, vibrant tourism industry, and scenic landscapes.

Greece has a high level of specialization in Olive Oil ($69.6M), Pure Olive Oil ($ 863M), Marble, Travertine and Alabaster ($152M), Dolomite ($ 47.1M), and Copper Pipes ($ 717M).

In 2022, Greece was the 57^th in total exports with a trade of $55.7B, and the 45^th in total imports with a trade of $94.5B.

In 2022 the most exported product was Refined Petroleum, with a trade of $16.4B, followed by Packaged Medicaments ($2.74B), Petroleum Gas ($1.85B), Aluminium Plating ($1.17B), and Pure Olive Oil ($863M), with Italy being the most important destination (10.5%), ahead of Bulgaria (6.5%), Germany (6.19%), Cyprus (5.24%), and Turkey (4.56%).

The graphic shows a balance between regional reliance and international diversification. Italy stands out as a major destination for both pure olive oil and refined petroleum, underscoring strong agricultural and energy ties.

Bulgaria is a key regional partner, particularly in energy, as it receives the majority of Greece's petroleum gas exports. At the same time, the country cultivates important global connections, with France and Germany being significant markets for pharmaceuticals, and aluminium plating reaching Germany and the United States. These relationships highlight Greece’s strategic economic integration across both regional and global markets.

1. Refined Petroleum (29.4%): 11.3% Lybia, 10.2% Lebanon, 7.72% Gibraltar, 6.63% Turkey, 6.4% Macedonia, 5.85% Italy, 4.32% Cyprus, 3.83% South Korea, 3.05% United States, 2.29% Tunisia
2. Packaged Medicaments (4.93%): 19.1% France, 13.9% Germany, 10.1% United Kingdom, 4.87% Cyprus, 3.88% Netherlands, 3% South Korea, 2.9% Italy, 2.59% Turkey
3. Petroleum Gas (3.31%): 69% Bulgaria, 8.23% Luxembourg. 7.69% Italy, 4.38% Moldova, 3.26% Tunisia, 1.75% Cyprus
4. Aluminium Plating (2.09%): 9.93% United States, 9.82% Germany, 9.6% Poland, 8.51% Turkey, 7.35% United Kingdom, 6.72% Spain, 6.34% France, 6.06% Italy, 3.96% Netherlands
5. Pure Olive Oil (1.55%): 60.8% Italy, 9.49% Germany, 6.49% United States, 4.46% Spain, 1.63% France, 1.59% United Kingdom, 0.71% Cyprus

Whereas the most imported product was Crude Petroleum, with a trade of $13.1B, ahead of Petroleum Gas ($8.38B), Refined Petroleum ($6.69B), Packaged Medicaments ($2.57B), and Cars ($2.16B), importing mostly from China (11.6%), Germany (9.3%), Russia (9.25%), Italy (7.12%), and Iraq (6.64%).

The graphic shows a heavy reliance on energy resources, with crude petroleum being the largest import category, primarily sourced from Iraq and Libya, highlighting Greece's dependence on Middle Eastern oil.

Additionally, petroleum gas is predominantly sourced from Russia and the United States, while refined petroleum imports are predominantly from Russia, indicating a strong dependence on Russian energy supplies. Conversely, Greece's imports of packaged medicaments and cars reflect its robust connections with European markets: Germany stands out as the leading supplier for both pharmaceuticals and automotive goods, with other notable contributors including Italy and France. This portfolio highlights Greece's strategic approach of securing diverse energy sources while maintaining strong trade relations with European countries for high-value products.

1. Crude Petroleum (13.8%): 46.9% Iraq, 16.8% Libya, 12.8% Kazakhstan, 10.3% Saudi Arabia, 5.55% Egypt, 2.3% Algeria, 1.62% Russia
2. Petroleum Gas (8.86%): 22.9% Russia, 20.7% United States, 14.8% Azerbaijan, 4.51% Algeria, 3.92% Egypt, 2.9% Norway, 0.97% Italy
3. Refined Petroleum (7.08%): 59.1% Russia, 5.19% Turkey, 5.01% Italy, 4.45% France, 3.78% Spain, 2.86% Saudi Arabia, 2.22% Iraq, 1.92% Egypt, 1.42% China
4. Packaged Medicaments (2.72%): 28.9% Germany, 12.4% Italy, 12.3% France, 8.09% Belgium, 7.28% Netherlands, 1.09% Cyprus, 0.69% United States
5. Cars (2.29%): 21.2% Germany, 12.5% France, 10.5% Spain, 7.15% Italy, 6.5% Turkey, 4.89% Hungary, 4.8% Slovakia, 4.8% Belgium, 3.23% South Korea, 2.79% Morocco, 1.28% China

Between 2021 and 2022 the country which grew the fastest in exports was Italy, with an increase of $1.56B, ahead of Bulgaria ($1.26B) and Libya ($756M).

1. Italy: from $4.26B to $5.82B
2. Bulgaria: from $2.37B to $3.62B
3. Libya: from $1.19B to $1.95B

Whereas the country which saw the fastest growth in imports was Russia, with an increase of $4.06B, followed by China ($2.48B) and Iraq ($1.92B).

1. Russia: from $4.68B to $8.74B
2. China: from $8.48B to $11B
3. Iraq: from $4.36B to $6.27B

Sources: 

https://oec.world/en

https://www.cia.gov/the-world-factbook/countries/