Statistics Netherlands announced today that Dutch goods exports to Greece are slowly picking up after a substantial dip in the early years of the recession. Imports from Greece show a more regular pattern, but the volume of imports is much smaller.
Exports to Greece still below the pre-recession level
Although Dutch exports to Greece are gradually becoming more important, the level is still far below the pre-recession level. In 2008, the Greece share accounted for 0.8 percent of total Dutch exports, versus 0.5 percent in 2014. Exports of telecom equipment and services, office machines, computers and cars have suffered severely during the crisis. Last year, the value of exports to Greece amounted to 2.3 billion euros.
Volume of imports from Greece very small and stable
In 2014, the value of imports from Greece (458 million euros) is one fifth of the value of exports to Greece. Imports from Greece have been stable over the years. Imports declined marginally from 0.16 percent of total imports in 1996 to 0.12 percent in in 2014. The major import products from Greece are petroleum derivatives, medicines and fruit.
Greek exports marginally down after period of rapid growth
Since 2007, the value of Greek exports has grown more rapidly than Dutch or European exports. Last year, the value of Greek exports was 40 percent up from 2007. In the same period, the value of Dutch exports increased by 26 percent. Across the EU, the value of exports grew 19 percent relative to 2007.
In recent years, Greek exports have slightly fallen and the level of exports has been low. In 2014, the value of Dutch exports was nearly nineteen times as high as the value of Greek exports.
Focus Greek exports on Turkey
Turkey is becoming increasingly important for Greek exports. The Turkish economy is booming and Greece and Turkey are neighbours. The share of Turkey in total Greek exports has tripled to 12 percent in seven years and has made Turkey Greece’s main export destination. Turkey is followed by five EU countries: Italy, Germany, Bulgaria, Cyprus and the United Kingdom, but since 2007 they have become less important for Greek exports. The German share has fallen considerably from 11 to less thann 7 percent.