ASSIGNMENT-1

Name A.Sandeep
Roll no 21691E00E9
Subject International Business
Faculty Name Mr. B Sreekanth
Country Name: GREECE

Q) Major imports and exports of GREECE

Major importing and exporting partners of GREECE

Balance of trade of GREECE

Introduction:

The Greece is a landlocked enclave of Rome, Italy, located in southern Europe. The government
system is ecclesiastical, the chief of state is the pope, and the head of government is the secretary of
state. The economic system is supported by a variety of sources, specifically Rome, Italy.

CAPITAL : Athens

GOVERNMENT: Unitary Christian theocratic elective absolute monarchy

RELIGION : Catholic Church

The smallest country in the country is Athens.

Major exports, imports and Exporting, importing Partners:

Exports in 2022:

Exports from the Greece (Athens) data was 2 economic data millions of dollars , monthly, not
seasonally adjusted Jan 1992 to Oct 2022(Dec 6).

Major Exports:

1. Electronic products(42%)
2. Other Manufactures (10%)
3. Woodcrafts and furniture (6 %)

Major Exporting Partners:

1. Hong Kong (8%)

2. USA (15%)
3. Japan (21%)
4. China (12%)

The surge in export sales was mainly prompted by the rise in shipments of electronic products
(39.6%), ignition wiring set and other wiring set (26.1%) and machinery and transport equipment
(1.9%). Meanwhile, all other major commodities posted decreases in trade, led by cathodes and
sections of cathodes of refined copper (-34.5%) and chemicals (-33.6%). Among major destinations,
Hong Kong accounted for the largest share in sales at 16.6%, followed by the USA (15.3%), Japan
(13%), China (12.5%) and Singapore (5.7%).

Imports in 2022:

Imports to Greece (Athens ) data was reported at 3000 CZK in Oct 2022.This records an increase
from the previous number of 2000 CZK for Sep 2022.

Major Imports:
 1. Electronic products (25%)
2. Mineral fuels (21%)
3. Transport equipment (10%)

Major Importing Partners:

1. China (13%)
2. United States (11%)
3. Japan (8%)
4. Taiwan (8%)

Decline in purchases were considerably seen in industrial, machinery and equipment (-22.7%),
telecommunication equipment and electrical machinery (-16.6%), and cereals and cereal preparation
(-11.4%). Meanwhile, arrivals mainly grew for metalliferous ores and metal scrap (462.7%), transport
equipment (46.3%) and other food and live animals (40.3%). Among trading partners, China was the
country’s biggest supplier for the month which accounted for 20.2% of arrivals, followed by
Indonesia (11.5%), Japan (9.2%), South Korea (8.4%) and the USA (7%).

Balance of Payment:

According to Balance of Payments report of 2 nd Quarter 2022,

The country’s balance of payments (BOP) position registered a deficit of US$3.6 billion in Q2 2022 a
reversal from the US$905 million surplus recorded in the same quarter last year. The reversal was
due to a wider current account deficit, which was driven by the higher trade in goods deficit. This
development reflects the sustained momentum of domestic activity in Q2 2022 as authorities
further eased COVID-19 restrictions. Moreover, the higher current account deficit reflects the
increase in prices of the country’s imported commodities amid supply side constraints.

Meanwhile, the financial account posted slightly lower net inflows inQ2 2022 due mainly to the
reversal of portfolio investments to net outflows, following the National Government’s (NG) net
repayment of maturing bond issuances. Further, net inflows of direct investments declined as the
increase in residents’ investments abroad offset the increase in non-residents’ investments in their
local affiliates. The sustained net inflows in the financial account reflect the non-residents continuing
appetite for Philippine monetary policy tightening stance in advanced economies, and the
resurgence of COVID-19 cases in some countries.