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exports towards Switzerland and Iceland (3.1% and 52%, respectively) did not manage to
offset the negative climate for this group.
Exports to the Balkans also showed marked decrease (-22.1%), an area absorbing 17.6% of
all Greek exports, resulting in a decrease in value to 584.5 million ¬ from 750.8 million ¬
in the first quarter of 2013. The decrease in exports was most significant and generalized
for all Balkan countries, the only exception being the small in value exports towards
Bosnia-Herzegovina (8.5 million ¬ or 11.3%). More specifically, exports to Bulgaria
decreased by -31% and towards Romania by -23.8% barely reaching 212 million ¬ and 123.4
million ¬, respectively, during the first quarter of 2014. Despite the drop in exports towards
both Bulgaria and Romania, both countries are Greece's most important partners in the
Balkans together accounting for 57% of exports to the region and 10% of overall Greek
exports. A significant decrease of exports was registered (beyond Bulgaria and Romania)
towards FYROM (82.6 million ¬ or -18.3%), Serbia-Montenegro-Kossovo (60.3 million ¬ or
-14.5%), and Croatia (13 million ¬ or -15.3%).
Exports towards the Commonwealth of Independent Nations also decreased between
January and March 2014, reaching just 70.3 million ¬ from 115.9 million ¬ in the same
period in 2013, exhibiting a vertical drop around -39.3%. The greatest drop was registered
towards Russia (45.3 million ¬ or -45%), which is the main customer for Greek products in
the region with 64%, in the first quarter of 2014.
The value of exports to the region of the Middle East & North Africa were considerably
increased (20.6%)reaching 243.2 million as against ¬ 201.7 million ¬ in the three first
months of 2013, resulting in a contribution of the region to overall reek exports of 7.3%, up
from 5% in the corresponding period of 2013. A catalytic role in the increased value of
exports to the region in question was played by exports to Egypt (64.3 million ¬ or an
increase of 248.8%) and Algeria (29.2 million ¬ or 75.1%).
Exports to the countries of Africa, although low in value, Increased (13.5%) amounting to
37.4 million ¬ as against 32.9 million ¬ in the corresponding period in 2013. The rise of
exports to Nigeria (22.9 million ¬ or 21.2%) and South Africa (9.5 million ¬ or 72.1%) man-
aged to change the negative picture presented by exports for the rest of the African coun-
tries.
Exports to the countries of SE Asia fell by -25.1% relative to 2013, because of the decrease
34
/ TRIIRIS / JUNE 2015
THE GLOBAL CRISIS AFFECT EXPORTS