Greek tobacco and land line phones… sell out in Russia

The volume of bilateral trade in products between Greece and the Russian Federation, for the first half of 2021 (including energy products), increased by 8.90%, amounting to 1.71 billion euros, compared to € 1.57 billion euros, in the first half of 2020, according to the provisional data of ELSTAT.

The trade balance remained strongly in deficit, reaching € 1.54 billion in 2021, due to hydrocarbon imports, compared to € 1.42 billion in 2020, with the deficit increasing between the two semesters 2021 / 2020 reaching 8.42% .

The volume of bilateral trade in products, in the first half of 2021 (excluding energy products), amounted to € 379.48 million compared to € 301.30 million in the first half of 2020, recording an increase of 25.95%. The trade balance for the first half of 2021 recorded a deficit, amounting to € -208.49 million compared to € -152.56 million in the first half of 2020, with the increase of the deficit between the two semesters 2021/2020 amounting to 36, 66%.

Greek exports

Greek exports between the two semesters 2020-2021, (including energy), increased by 13.33%, from € 76.2 million to € 86.4 million. In general, the structure of exports in terms of ranking of the first ten product codes remained between the two semesters.

For the first half of 2021, the following products had the largest contribution to value: raw tobacco (7.74%), copper pipes (7.33%), wired electrical appliances (5.2%), copper waste (4.70%) and confidential products (4.66%).

The largest increases in the value of exports were recorded by yachts (+ 4,992.3%), followed by electric batteries (1,490.6%), dyes (+ 170.9%) and copper scrap (+ 146.8%) . Especially for furs, which for a decade were our first export product in the Russian market, exports in the first half of 2021 increased by 31.5% compared to the first half of 2020, but in value were at low levels (2.2 million .).

The presence of precious metal ores, which had not recorded exports in the first half of 2020, is remarkable. confidential products (-11.0%) and binders prepared for molds (-9.5%).

Exported Energy Products

In particular, with regard to energy products, for code 2710 (processed mineral oils), which contributed to the value of Greek exports by 0.96% in the first half of 2021 and by 2.4% in the first half of 2020, it was observed that, the change in terms of value and quantity was relatively proportional (decrease in value -54.8% and quantity -57.4%). It should be noted that the level of oil prices at the beginning of 2021 and 2020 was at the same levels (the fall in prices took place in the second quarter of the year of the pandemic crisis, 2020).

Greek imports

Greek imports between the two semesters 2020-2021 (including energy), increased by 8.67%, from € 1.49 billion to € 1.62 billion, strongly affecting the trade deficit, which increased from € 1.42 billion to € 1.54 billion

In general, no significant changes were observed in the structure of imports, between the two semesters, in terms of ranking of the top ten imported products. For the first half of 2021, the largest contribution to the value of imports was from oils from petroleum or bituminous minerals (41.9%), crude oils from petroleum or bituminous minerals (20.9%), petroleum gases / gases hydrocarbons (18.2%), crude aluminum (7.3%) and copper and its alloys (4.1%).