Greece: Export And Imports
Greece ranks as the 63rd largest exporting country in the world and according to the Economic Complexity Index (ECI), the country ranks the 54th most complex economy in the world. Greece is a developed country in Europe whose economy is based on service and industrial sectors. Greece was accepted into the Economic and Monetary union of the European Union in 2000. The country had about $33.2B worth of exports in 2014. Greece is the 48th world’s largest importer with her annual imports at $60.8B in 2014. The value of imports decreased at an annual rate of -2.1% from 2009- 2014, while that of exports increased at an annual rate of 8.8% within the same period. Greece ranks 138th in the world in the Index of Economic Freedom and 86th in the Global Competitiveness Index. The country had a gross Domestic Product of $235B in 2014 with a GDP per capita of $26.9k.
Greece imports a variety of products which are mainly used for the industries in the country. The leading import product is crude oil making up about 21.9% of the total imports at 13.8B, followed by refined oil which accounts for $4.24B, packaged medicaments at $2.88B, passenger and cargo ships at $2.53B and petroleum gas at $1.19B. Greece acquires her imports from Germany worth $6.24B making it the largest import origin. Russia is the second import origin at $5.66B. Other import origins include Italy at $4.76B, Iraq at $4.75B and China at $3.39B. Being an industrial country, Greece processes her imports into finished products with some being exported while others are used by the population. Some have criticized Greece for importing products it already produces such as foodstuffs.
Among Greece’s export products are refined petroleum at $10.5B which contributes to 31.5% of the total exports. The second major export in Greece is packaged medicaments at $1.24B followed by aluminum plating at $705M, non-fillet fish at $548M and other processed vegetables at $458M. Other exports include plastics and iron and steel products. Greece exports her products to a number of countries including Turkey at $4.16B, Italy at $3.08B, Germany at $2.27B, Bulgaria at $1.62B and Cyprus at $1.62B. Other important export partners include US, UK, Saudi Arabia, Lebanon and Egypt. The US is the most important trading partner outside the European Union.
Greece Trade Balance And Economic Complexity
In 2014, Greece made imports worth $60.8B and exported products worth $33.2B thus registering a negative trade balance of $27.6B which is covered through loans. This has however improved a little with the revision of Greece’s restrictive trade measures. According to the Economic Complex Index, Greece is ranked as the world’s 54th most complex economy (which has decreased from the 30th position in 1964) with an economic complex index of 0.337. Greece has a larger global export share than that expected of an economy of its size. Greece has recorded a declining average GDP growth rate which has resulted in an economic crisis. Greece is accused of spending more than it earns leading to high borrowing rates, reduction in production rates thus increasing rates of unemployment.