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 10.77million people and a gross domestic product (GDP) of approximately $200.3 billion. 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 2018, the United States exported $1.05 billion of goods to Greece, the first above $1 billion in several years. Out of the $1.05 million of goods, 19.4% was optic, photo, or medical instruments, 18.4% was mineral, fuel or oil, and 7% was nuclear machinery. In the same year, the United States imported $1.6 billion worth of goods from Greece. The US has increased its imports from Greece since 2005. In 2018, the U.S. imported $1.6 billion worth of goods from Greece. The top import was $219.7 million worth of articles of iron or steel, which accounted for 13.7% of total imports. The second key import was prepared vegetables, fruit, nuts and other plants, which made up 13.3% of total imports into the US from Greece and had a value of $213.5 million. US Department of Commerce
In 2016, Greece was the 10th fastest growing source of FDI in the U.S. investing $1 billion into the US. Conversely, in 2017 the US invested $1.2 billion into Greece. Greek FDI in the US supported 2,500 jobs, $40.7 million in research and development, and $6 million of expanded US exports. The top industry sectors for Greek FDI were: software and IT services, food and tobacco, electronic components, consumer products, alternative energy, and plastics. Select USA
Greece- California Trade
In the United States, California is the third largest exporting state to Greece. California exported $100.7 million worth of goods in 2018. $32 million was edible fruit, nuts and citrus, and $13.77 million was electrica machinery. Other prominent exports from California to Greece included optic, photo or medical instruments followed by copper and articles thereof. California is also the 4th largest importing state of products from Greece. In 2018, California imported $129.4 million of goods from Greece. 62.1% of those goods from Greece were food manufactures which retained a value of nearly $80 million. The remaining imports included re-imports, fabricated metal products, and primary metal manufacturing. 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.
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.