Trading Partner Portal: Greece
Greece is in Southern Europe and borders the Mediterranean Sea. Greece is classified as a high-income country; however, Greece’s economy is recovering from a recession caused by the global financial crisis. Greece has a population of 10.7 million people and a gross domestic product (GDP) of approximately $189.41 billion in 2020. Greece has a diverse economy that benefits from a large public sector. Tourism in Greece accounts for 18% of GDP. Greece also benefits from their membership in the European Union. The majority of Greece’s trading partners are in the EU and 3.3% of Greece’s GDP is from EU aid. World Bank, CIA
In 2021, the United States exported $1.55 billion of goods to Greece, the third year above $1 billion in several years. Out of the $1.55 million of goods, $344 million was oil and gas, $255 million was waste and scrap, and $218 million was computer and electronic products. In 2021, the U.S. imported $1.68 billion worth of goods from Greece. The top import was $486 million worth of processed foods. The second key import was primary metals, which made up $176 million of total imports into the US from Greece. US Department of Commerce
In 2020 Greece invested $1.78 billion into the US. Conversely, in 2020 the US invested $74 million into Greece. Greece was the tenth fastest-growing source of FDI in the U.S. in 2020. Greek FDI in the US supported 3,700 jobs, $6 million in research and development, and $13 million of expanded US exports. The top industry sectors for Greek FDI were: software and IT services, renewable energy, food and beverages, electronic components, real estate, and textiles. Select USA
Greece- California Trade
In the United States, California is a top exporting state to Greece. California exported $136 million worth of goods in 2021. $40 million was agricultural products and $37 million was chemicals. Other prominent exports from California to Greece included computer and electronic products, non-electrical machinery, and waste and scrap. California is also a top importing state of products from Greece. In 2021, California imported $162 million of goods from Greece. The majority of those goods from Greece were processed foods which retained a value of nearly $101 million. The remaining imports included nonmetallic mineral products, petroleum and coal products, chemicals, and agricultural products. US Department of Commerce
Trade Agreements and Issues
Transatlantic Trade and Investment Partnership (TTIP)
Greece is one of the nations that is currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.
For more info: Defense Exhibition Athens 2021: USA Pavilion
On May 27, 2015, the California Chamber of Commerce held an International Forum on the Transatlantic Trade and Investment Partnership and the Transpacific Partnership with speakers including members of the United States Chamber of Commerce, representatives from five American Chambers of Commerce from abroad, and two ambassadors. Also in attendance was a delegation totaling 25 members of the AmCham community representing Bulgaria, Croatia, Denmark, Estonia, France, Greece, Ireland, Israel, Kosovo, Latvia, Lithuania, Macedonia, Norway, Poland, Romania, Serbia, Slovak Republic, Slovenia, and Turkey.