North Macedonia: Impressive 63.2% increase of Greek exports

Greek exports to North Macedonia amounted to approximately 737.3 million euros in 2021, recording a particularly significant increase of 63.2% compared to 2020 (451.7 million euros), according to data from the Office Of Economic and Commercial Affairs of the Greek Embassy in Skopje.

Greece reportedly recorded the largest increase compared to other competitive economies, confirming its increasingly strong economic penetration in Northern Macedonia. Our country now occupies the third place (from 6th in 2020), among the countries with the largest export activity to North Macedonia, surpassing Serbia and China. In the first places remain Great Britain (about 1.7 billion euros) and Germany (about 979 million euros).

The exports of North Macedonia to Greece in 2021 amount to approximately 205.9 million euros (from 175.5 million euros in 2020). Greece is the seventh most important destination of the country’s goods (from fifth in 2020). In first place are Germany (approximately 3.2 billion euros), followed by Bulgaria (335.6m euros), Kosovo (302.7m euros) and Serbia (292.1m euros).

Doubling of commercial surplus

Greece’s trade surplus almost doubled compared to 2020 (92.4% increase) and stood at 531.4 euros (from 276.2 million euros in 2020). The trade volume between the two countries amounts to 943.26 million euros, recording an increase of 50.4% compared to 2020 (627.2 million euros). Greece occupies the fourth place (from fifth in 2020) while Germany, Great Britain and Serbia are ahead.

Over time, bilateral trade volume has been increasing (with the sole exception of 2020 due to the effects of the pandemic). Specifically, from 726.2 million euros in 2017, it amounted to 943.2 million euros in 2021, presenting a five-year increase of approximately 30%. In terms of the trade balance, this is a steady surplus for Greece. In 2017, the country’s trade surplus amounted to approximately 366 million euros while in 2021 to 531.4 million euros, showing an expansion in the five years of 45.1%.

According to the ISD Office in Skopje, the strengthening of our country’s trade position in the economy of North Macedonia is due, among other things, to the improvement of bilateral relations, the upgraded professionalism of Greek companies, the mitigation of the effects of the pandemic, the geographical proximity of high added value and recognizability of Greek products. However, the Office points out that there is greater scope for the presence of Greek products in the market of the neighboring country, especially in areas where there has been increased demand recently (eg chemicals, mechanical equipment, etc.).