Greek exports to Turkey and North Macedonia followed a decreasing trend in the first half of 2024, according to the latest data from the Statistical Services of the two neighboring countries.
Furthermore, the overall course of Greek exports to the Balkans in 2023 was declining.
Peru
Firstly, with regard to Turkey, according to the provisional data of the Turkish Statistical Service, published by the Greek office of OEY (Financial Services) in Ankara, during the first half of 2024 our country’s exports to Turkey amounted to $837.4 million, compared to $988. million in the corresponding period last year, registering a decline of 15.2%, while our imports from Turkey in the same period amounted to 2.31 billion dollars, compared to 1.88 billion dollars in the first half of 2023, increasing 22.8%.
In total, the volume of bilateral trade between Greece and Turkey in the first half of 2024 amounted to 3.15 billion dollars, compared to 2.87 billion dollars in the first half of 2023 (an increase of 9.7 %), while the trade balance deficit increased by 892 million dollars in the first half of the year. from 2023 to US$1.47 billion. dollars in the first half of 2024. Regarding the composition of the volume of bilateral trade, it is important to note, however, that in the files posted by the Turkish Statistical Service there are no detailed data on bilateral trade, by tariff class with our country, and , therefore, updated data from ELSTAT in order to assess any discrepancies with the counterpart body in Turkey.
It should also be noted that Turkey’s merchandise exports in the first half of 2024 amounted to 126.2 billion dollars compared to 123.1 billion dollars in the corresponding period of 2023, registering an increase of 2.5%, with destinations of most important exports Germany, USA, United Kingdom, Italy and Iraq, which absorbed 30% of the total, and main exported products, mechanical equipment and parts, electrical machines, industrial goods, chemical products and precious metals. During the period under review, Turkey’s imports of goods amounted to 168.8 billion dollars, compared to 184.4 billion dollars in the corresponding period of 2023, a decrease of 15.6%.
North Macedonia
According to data from the State Statistical Service of North Macedonia, in terms of value, bilateral trade with Greece in the first half of 2024 amounted to 626.5 million euros, compared to 705.2 million euros during the same period 2023, registering a drop of 11.2% and Greece maintains third place as a trading partner for the neighboring country.
This drop, as highlighted by the Greek IEA office in Skopje, is observed as a result of the change mainly in the share of DBM exports to Greece. However, Greek exports to the neighboring country are also reduced.
Specifically, DBM exports to our country, in the period under analysis, amounted to 118.3 million euros compared to 167.8 million euros in the first half of 2023, marking a drop of 29.5%. Greece’s exports to the DBM amounted to €508.2 million, compared to €537.3 million in the first half of 2023, a decrease of 5.4%. At the six-month level, Greece’s trade surplus with DBM is €389.9 million compared to €369.5 million in the same period of 2023 and Greek imports from North Macedonia mainly refer to petroleum derivatives (up to 75% of the total value of Greece). exports to the DBM), electricity, lignite, fossil fuels, iron and steel.
North Macedonia’s main trading partners in the period January to June 2024 were, in order, Germany, the United Kingdom, Greece, China and Serbia.
According to the same source, in the first half of 2024 North Macedonia’s trade deficit increased to 1.6 billion euros in the first half of the year, compared to 1.29 billion euros in the first half of 2023.
A decrease was also recorded in 2023 in the two countries’ trade relations. Specifically, in 2023 the volume of trade registered a decrease of around 20.1%, compared to 2022, reaching around 1.35 billion euros (from 1.69 billion euros), with a share of 6, 95% in total foreign trade volume (from 8.2% in 2022). . Total Greek exports to North Macedonia, in the period under analysis, was 1.04 billion euros, registering a decrease of 23.4%, due to the fall in energy prices. Exports of products from North Macedonia to Greece reached 306.5 million euros, registering a decrease compared to last year (6.5%). However, the trade balance remained in surplus in favor of Greece, with a surplus of 737.3 million euros (compared to 1.03 billion euros in 2022).
Albania – Bulgaria – Romania
It is also noteworthy that in 2023 the general picture of Greek exports to the Balkans was downward.
As for Albania, according to data from the country’s statistical service, INSTAT, the volume of bilateral trade in 2023 amounted to 85.6 billion lek (approximately 858.6
million euros), marking a decrease of 14.2% compared to 2022, which had amounted to 99.8 billion lek and the fall is due to the decrease in the value of Greek exports to Albania, mainly due to the devaluation of the euro. However, the trade balance of bilateral trade remained in surplus for Greece, which ranked 5th among countries
suppliers from Albania, contributing 6.5% to total imports, in contrast to 2022 which ranked 4th.
Thus, Greek exports to Bulgaria, according to preliminary ELSTAT data processed by the Greek IEA office in Sofia, decreased in 2023 by 17.79%, reaching 3.462 billion euros against 4.211 billion euros in 2022 , while imports from Bulgaria to Greece increased by 7.27%, reaching 2.803 billion euros against 2.613 billion. 2022 euro.
Finally, in 2023, the course of Greek exports to Romania was also slightly downward. Specifically, according to ELSTAT data, there was a small drop in Greek exports to Romania, which amounted to 1.826 billion euros compared to 1.835 billion euros in 2022, while imports of Romanian products in our country amounted to 1.041 billion euros compared to 1.044 billion euros. euro.
