Polish – Greek economic ties

The last three years were extremely good for Polish foreign trade. Export revenues in 2004, according to official data, reached 73 781,2 million EUR, and were higher by 37,7 % compared to 2003. The import expenses rose by 29,6 % and reached the total amount of 88 156,4 million EUR. As a result of slower growth of import and the increase of export, the trade deficit went down.

The commodities exchange with the countries of the European Union is of decisive importance for the overall results of foreign trade (79,1 % in export and 68,2 % in import). Germany is the most important partner in commodities exchange from among the countries of the EU, and at the same time Poland’s largest business partner.

The main Polish export products are: electromechanical products, products of the metallurgy industry, fabrics and textile products, food and agriculture products, furniture and lightning articles, mineral products, timber and wooden products, wood pulp, paper and cardboard, products made of stone, ceramics and glass, footwear and other.

For the last three successive years the trade between Poland and Greece has developed very dynamically, especially during the years 2001 and 2002 when the result in trade between the two countries rose by 51,5%. In the year 2004 the turnover amounted to 336,8 million EUR.

As regards the trade balance, Greece achieved a slight surplus in exports in 2001. Mutual trade was perfectly balanced in 2002 and in 2003 as well as 2004 the Polish side reached a slight surplus. According to Polish data, exports to Greece amounted to 174,3 million EUR in 2004, and imports from Greece –162,6 million EUR. Thus, in the field of bilateral trade the cooperation between our countries must be estimated as a harmonious and steadily developing one.

The structure of trade proves that our economies are complementary to each other, which exerts a positive impact on the volume of bilateral trade turnover together with the improvement of the trade balance.

The main categories of Polish exports to Greece include means of transportation, receiving equipment for television , cars, tires, washing machines, tableware and kitchenware, wooden products including furniture.

Farm products are, without doubt, the leaders of Greek exports to Poland but a dynamic increase of imports from Greece of such products as electric appliances, aluminum foil and products, cotton fabrics and yarns, semi-finished plastic products is observed.

According to the data of Polish Information & Foreign Investment Agency, direct Greek investments in Poland have achieved 556.5 million USD. However, it should be stressed that the Agency records only bigger investments, i.e. exceeding 1 million USD. So, the statistics of that agency do not include minor Greek investments, which are nevertheless very significant both for the Polish economy and for the further strengthening of economic ties between Poland and Greece. Thus, many smaller firms of partial or total Greek capital run business in Poland. They operate in textiles, production of denim fabrics, imports of Greek marbles and granites, agricultural and food articles (mainly fruit), shipping, production of beverages, import of office furniture, production of cement, tourist services, transport services etc. Apart from the biggest Greek investor in the Polish market which is Coca –Cola Hellenic Bottling Co. (0,5 billion USD) it is worth to mention such significant Greek firms as: Maillis, Sarantis, Germanos or Quality &Reliability.

Greek companies are welcome to invest in Poland, especially in shipping industry, defence, construction and tourism (hotels). Greek capital may participate in the privatization of Polish state-owned enterprises and help us with the process of restructuring of Polish economy. Polish-Greek projects can be implemented with the use of the EU funds.

Source: Embassy of Poland-Greece-

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