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lion¬ as against 14,960.9 million¬ in the first quarter of 2013. Proceeds from the export of
goods covered just 31% of expenses for importing goods.
It must be noted that despite the lower value (in absolute prices) of exports towards most,
and especially the bigger export markets for Greek products, the percentage levels of
these countries for Greek exports remains at approximately the same levels, given the
generalized drop in overall Greek exports.
The international credit and economic crisis seems to be affecting all countries globally,
and was to be expected Greece as well. One consequence of the crisis is a drop in eco-
nomic activity that affects Greek exports negatively. A characteristic example are the
decreased Greek exports to Germany (-20.9% in value), Greece's traditional most important
export client. As a result, it has dropped from the number one position it has held since the
whole of the post WW II period. It has now been relegated to second spot, following Italy.
Exports to all the geographical regions of the planet declined, apart from N. America (211.8
million¬ meaning an increase of 4.9%), the Middle east & N. Africa (243.2 million ¬ or 20.6%)
the low exports to "rest of developed countries", and African nations (37.4 million ¬ or
13.5%). Exports to EU partners (15), ÅU(25) and EU(27) receded significantly, by -21.2%, -
19.7% and -21.3% respectively, something that shows the heavy and generalized drop in
Greek exports towards the traditionally more significant trading partners of Greece.
As concerns exports according to broad categories of goods, it can be seen that the drop
in exports is generalized and affects all categories of products.
More specifically we can get the following picture from export performance.
Developments by Geographical regions and Countries
The drop in the value of exports by -17.1% (3,323.4 million ¬ down from 4,009.3 million ¬ in
the first quarter of 2013) is due to the generalized decrease of Greek exports towards
almost all regions of the globe. Overall exports towards the developed world (OECD) dur-
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/ TRIIRIS / JUNE 2015
THE GLOBAL CRISIS AFFECT EXPORTS