Greek exports registered their highest record of the last decade, even without the inclusion of December data, as they exceeded 20 billion euros in the first 11 months of 2011, according to figures published on Wednesday by the Hellenic Statistical Authority (ELSTAT). In the January-November period, exports amounted to 20.23 billion euros, including oil products, posting a 39.5 percent rise from the same period in 2010, although November showed a small (3.8 percent) decline year-on-year.
The reason for this leap is the growing tendency of domestic enterprises to look beyond the country’s borders in an effort to offset the drop in demand in Greece.
A key factor is also the change in the calculation of export data, as they now include the fuel for ships bearing foreign flags. Imports continued to decline in November, sliding by 16.9 percent compared with November 2010, taking the trade balance deficit in January-November 2011 (not including oil products) to 15.04 billion euros, down by 27.1 percent on an annual basis.