The sectors that led to a 34.4% increase in exports in March

Exports rose sharply in March 2022, maintaining the momentum they have developed since the beginning of the year. Specifically, in March the increase was 34.4%, while imports also increased by 26.3%. The deficit, which widened for another month (13.4%), continues to be a black spot.

According to an analysis by the Panhellenic Association of Exporters and the Center for Export Research and Studies (KEEM), on the provisional data of ELSTAT, regarding the large product categories, in March 2022 (compared to March 2021) upward trends are recorded in all sectors, with the sole exception of the Raw Materials sector (-7.4%). More specifically, Petroleum-Fuels (+ 72.5%), Industrial (+ 43%), Food (+ 12.9%), Chemicals (+ 9.8%), Machinery (+ 43.4%), Miscellaneous Industrial (+ 21.3%), Beverages & Tobacco (+ 7.2%), Oils (+ 35.7%) and Confidential (i.e. patented unique products) (+ 33.6%).

More specifically, exports recorded a large increase in March 2022 as they increased by 1.15 billion euros or 34.4% and amounted to 4.51 billion euros compared to 3.36 billion euros in the same month in 2021. Excluding petroleum products, the increase is almost 11 percentage points lower, as they amounted to € 3.10 billion from € 2.51 billion, an increase of € 593 million or 23.7%, which confirms the importance of the increase in Greek exports of petroleum products and fuels by 72.5%.

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However, an increase is also recorded in imports in March 2022, as they increased by 1.44 billion euros or by 26.3% and amounted to 6.9 billion euros compared to 5.46 billion euros in the same month of the year. 2021. Excluding petroleum products, imports of goods amounted to 5.14 billion euros from 4.28 billion euros, ie increased by 858 million euros or 20%.

Results

As a result of the above moves, the trade deficit increased in March 2022 by 281.2 million euros, or by 13.4%, to -2.39 billion euros from -2.10 billion euros in the corresponding month of 2021 Excluding petroleum products, the trade deficit also increased to -0.04 billion euros from -1.77 billion euros, ie by 265.1 million euros or 14.9%.

The large increase in exports registered in 2021 (29.5%) continues during the first three months of this year. Specifically, exports in total in the period January-March increased by 2.81 billion euros or by 32% and amounted to 11.59 billion euros from 8.79 billion euros.

Similarly, excluding petroleum, it is noteworthy that despite the pandemic with its effects and the war in Ukraine, exports for the quarter January-March are moving upwards compared to 2021, to 8.26 billion euros from 6.66 billion ie increased by EUR 1.60 billion or by 24%.

Imports (including petroleum products) in the January-March 2022 quarter increased significantly – by 6.54 billion euros or by 48.3%, with their total value amounting to 20.07 billion euros against 13.53 billion Excluding petroleum products, imports rose to 14.10 billion euros from 10.61 billion euros, or 3.49 billion euros, or 32.9%.

As a result of the above, the trade deficit in the period January-March 2022 increased by 3.73 billion euros or by 78.7%, to -8.48 billion euros from -4.74 billion euros in the corresponding period 2021. Excluding petroleum products, the trade deficit increased to -5.84 billion euros from -3.95 billion euros, ie by 1.89 billion euros or -47.9%.

The course of exports by geographical area

Regarding the course of exports by geographical areas, in March 2022, there is a huge increase in shipments to EU countries by 43.2% while to third countries there is a large increase of 24.3%. When petroleum is excluded, the picture remains the same. Exports increased more to EU countries by 28.3% and lower to third countries, up 15%.

Regarding the percentage of exports directed to the markets of EU Member States, including petroleum products, it increased by about 4 points and reached 57% against 53.4% ​​compared to the corresponding month of 2021. The opposite is the picture recorded for the percentage of exports to third countries, which stood at 43% compared to 46.6%. Excluding petroleum products, the share of exports to EU countries is 67.6% and that of third countries to 32.4%.

Examining the distribution of exports for the period January-March 2022, it is found that the total value of exports, including petroleum products, increased dramatically to EU countries (35.8%) while to third countries increased significantly (27.5 %). Excluding petroleum products, exports to EU countries increased by 24.9% and slightly lower to Third Countries 22.2%.

The course by industry

Regarding the large product categories, in March 2022, upward trends are recorded for all sectors. The only exception is the category of Raw Materials where there was a decrease of -7.4%.

More specifically, a strong percentage increase is recorded in Petroleum Fuels (+ 72.5%), Industrial (+ 43%), Machinery (+ 43.4%) and Miscellaneous Industrial (+ 21.3%) products. In Oils and Confidential Products, the increase recorded is strong (35.7% and 33.6%, respectively), but their value is low.

The exports of the categories Food (+ 12.9%), Chemicals (+ 9.8%) and the category Beverages & Tobacco (7.2%) show a smaller increase for March 2022.

Examining the January-March 2022 quarter, a significant increase is recorded in the sectors of Petroleum-Fuels (+ 61.7%), Industrial (+ 38.9%), Machinery (+ 43.7%) and Miscellaneous Industrial ( + 21.7%). The most important categories of Food (+ 16.1%), and Chemicals (+ 6.5%) show a smaller increase in exports, followed by Raw Materials (+ 14%), Oils (+ 14.9%) and Drinks & Tobacco (8.4%).

Finally, the low-value exports of Confidential Products showed a spectacular increase of 55.1%.