Booming Greek-Israeli trade faces specter of Gaza operation following Hamas terror attacks

The war-footing in the Middle East, following Hamas’ terror attacks in southern Israel and the latter’s expected ground operation against Gaza, has expectedly caused turbulence in global markets, with Athens now concerned over its burgeoning bilateral trade with Israel.

Beyond building a strategic relationship with Israel over the past two decades, Athens also enjoys ever-growing trade ties. For instance, bilateral trade in 2022 reached 1.37 billion euros, up 45.8 percent from the preceding year. The increase was in favor of Greek imports, with the latter rising 54.9 percent, year-to-year – from 548.7 million euros in 2021 to 850 million euros in 2022.

Conversely, exports from Israel to Greece increased by 33 percent in 2022, rising to 523 million euros, up from 393 million euros in 2021.

According to the Greek-Israeli Chamber of Commerce, Greece mainly exports petrochemical products, copper and steel pipes, cables, construction materials, aluminum-making equipment and sulphides to the Mideast country.

In terms of foodstuffs, Greek imports to Israel include margarines, canned vegetables, cooking oils, fresh fruit, seafood, confectionary and baking goods, along with beer, nuts and yoghurt.

Israeli exports to Greece are mainly petroleum products, scrap metals, fertilizers, paper, plastics, pesticides and related chemical products.