Value of Greece’s import from Russia surged twofold in annual terms

The value of import from Russia by Greece surged more than twofold on an annualized basis, largely due to the gas and oil price hike, Kathimerini newspaper reported, citing data of the Hellenic Statistical Authority (ELSTAT).

Developments in Ukraine turned out to be "extremely burdensome for trade between Greece and Russia, because the trade balance deficit between the two countries continues growing," the newspaper said. The value of Greece’s import from Russia increased more than twofold due to a price spike for natural gas and crude oil, while country’s export to Russia contracted by a third due to sanctions imposed by the EU. "According to ELSTAT data, the value of Greece’s import from Russia amounted to 5.72 bln euro from January to August 2022, compared to 2.41 bln euro in the like period of 2021. This is the increase by 137.3%," Kathimerini reported.

According to the statistical authority, the value of Hellenic export to Russia from January to August 2022 amounted to 78 mln euro, which is 33.8% lower than in the like period of 2021, when it stood at 117.8 mln euro. The trade balance between Greece and Russia was negative in January - August 2022 and the deficit amounted to 5.65 bln euro.