Bassam Azar, President of the Export Department of the Hellenic Chamber of Commerce, Economic Supervisor of the Panhellenic Exporters Association
2024 was not just a challenging year for the global economy; it served as a crash test for Greece’s export strategy. Greece has successfully passed this test, focusing on opportunities beyond the borders of the European Union.
IN A landscape marked by geopolitical tensions, energy uncertainties, and inflationary pressures, Greek businesses have demonstrated that export orientation is not a luxury—it’s essential for survival. Importantly, the future of our exports lies in Third Countries.
THE NUMBERS speak for themselves: total exports reached €49.9 billion, reflecting a slight decrease of 2.2% compared to 2023. However, when we exclude petroleum products—often a distorting factor—the picture changes: net exports increased by 2.3%, totaling €36.09 billion.
THE REAL story unfolds on the map. Exports to Third Countries rose by 2.7%, while those to the EU dropped by 5.9%. Excluding petroleum products, the distinctions are even more compelling: +7.1% towards Third Countries versus -0.1% to the EU. This isn’t coincidence—it’s a trend that’s here to stay.
THE SHARE of exports heading to Third Countries increased from 42.9% to 45% (and from 33.4% to 35% without petroleum products). Now, over a third of our “net” exports are directed outside Europe. This isn’t merely statistical; it’s strategic.
THIS SHIFT is also reflected in the products: food (+8.9%), chemicals (+2.6%), raw materials (+7.7%), and beverages and tobacco (+8.6%) are driving the export resurgence. Key markets include the Eastern Mediterranean, North and Sub-Saharan Africa, and Southeast Asia—regions characterized by population growth and rising demand.
OF COURSE, there’s another side to the story: the trade deficit increased by 7.9%, reaching €34.6 billion. The cause? A rise in imports coupled with a decline in energy product exports. The message is clear: export success alone isn’t enough; balance is required.
2024 has shown us the way forward. Greece is not a small country; it’s a small market. Export orientation isn’t a choice; it’s a necessity. Third Countries are not an alternative; they represent the new norm. Now is the time for the export pivot to become a matter of political will, a strategic plan, legislation, and ultimately, our future.
