Greece flag Greece: Economic and Political Overview

Foreign trade figures of Greece

Foreign Trade in Figures

Greece has an export-oriented economy, with trade representing 108% of GDP (World Bank, latest data available). According to data from the Hellenic Statistical Authority, fuel had the largest share of exports for 2022 (36.8%), followed by industrial products, mainly raw materials (14.8%), food and live animals (12.7%) and chemicals (11.0%). As per imports, fuel was the main item (34.9%), ahead of transport machinery and equipment (16.8%), and chemicals (13.2%).

In 2022, over half of Greece's exports (55.1% of the total) were directed to EU member-states, underscoring the ongoing significance of the EU as a crucial destination for Greek products. The main trading partners were Italy (10.4%), Bulgaria (7.9%), Germany (6.5%), Cyprus (5.9%), and Turkey (4.6%). Concerning imports, Russia was the main trading partner (10%), followed by Germany (9.2%), China (8.5%), Iraq (7.3%), and Italy (6.8%). Overall, the EU accounted for 51.2% of total imports (Hellenic Statistical Authority).

Data by WTO shows that in 2022 exports of goods reached USD 57.4 billion, marking a 21.5% increase year-on-year; whereas imports stood at EUR 97.7 billion (+26.7% y-o-y). As per services, exports totalled USD 50.1 billion against USD 29.6 billion of imports (+20.8% and +12.7% year-on-year, respectively). The World Bank estimated the country’s trade deficit at 9.7% of GDP in 2022, up from 7.8% the previous year. The latest figures from the Hellenic Statistical Authority show that the total value of imports for the 10-month period from January to October 2023 amounted to EUR 42.8 billion (-7.1% y-o-y), while exports stood at EUR 68.6 billion (-12.2% y-o-y). In the same period, the deficit of the trade balance reached EUR 25.8 billion, down by 19.6% over the year.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 63,87762,38455,94777,10597,696
Exports of Goods (million USD) 39,50237,90735,21547,21857,392
Imports of Services (million USD) 21,08621,32217,62726,27029,610
Exports of Services (million USD) 43,88344,96125,94041,46350,110

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 80.281.971.789.5106.9
Trade Balance (million USD) -26,532-25,572-21,135-31,224-41,017
Trade Balance (Including Service) (million USD) -3,935-2,008-12,737-16,011-20,975
Imports of Goods and Services (Annual % Change) 8.12.9-7.317.710.2
Exports of Goods and Services (Annual % Change) 9.14.9-21.524.14.9
Imports of Goods and Services (in % of GDP) 41.241.839.748.658.2
Exports of Goods and Services (in % of GDP) 39.040.132.040.948.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 3.32.63.02.92.9
Volume of imports of goods and services (Annual % change) 1.02.22.02.01.6

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Greece is a member of the following international economic organisations: IMF, European Union, WTO, European Economic Area, ICC, Black Sea Economic Cooperation Zone (BSEC), OECD, among others. For the full list of economic and other international organisations in which participates Greece click here. International organisation membership of Greece is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Greece can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Italy 10.4%
Bulgaria 7.7%
Germany 6.3%
Cyprus 5.5%
Türkiye 4.6%
See More Countries 65.5%
Main Suppliers
(% of Imports)
2022
Germany 8.9%
China 8.5%
Iraq 7.3%
Italy 6.3%
Netherlands 4.7%
See More Countries 64.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

57.6 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 30.0%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 4.7%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 4.4%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip) 2.0%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 1.6%
See More Products 57.4%
98.0 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 16.0%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 10.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.3%
See More Products 61.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: February 2024

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