Unacceptable as Greek exporters consider it to be a 30% rate in dutiesannounced by US President Donald Trump against EU from August 1st.
Studying Piraeus Chamber of Commerce and Industry, he points out that with 30% US duties, Greek exports (as well as all EU exports to the US) to food, drinks, medicines and industrial products will face increased costs, possibly reducing exports by up to $ 500%. This will turn the Greek trade surplus into a deficit, affecting Greek export companies, especially small and medium -sized.
However, one should critically see these estimates, especially as the Community Commissioner Maros Shefkovic himself said yesterday (14.7.25) that such a high contributor is equivalent to a de facto ban, which means an export of exports.
In 2024, the volume of Greek -US bilateral trade increased by 26.3% compared to 2023, reaching € 4.57 billion, while trade with the US in all Greek international goods transactions increased to 3.5% from 2.8% in 2023.
In particular, Greek exports to the US increased by 13.9% in 2024 compared to 2023 and amounted to € 2.4 billion, according to the annual financial report of the Greek Embassy’s OSA Office in the US. Greek exports of goods to the US represented 4.9% of total exports in 2024.
Greece’s imports from the United States rose to 43.78% in 2024 and amounted to € 2.1 billion, representing 2.6% of our country’s total imports over the same period. Thus, Greece’s imports from the US reached 2023 to € 1.5 billion.
In the same year, there is also an increase in the participation of Greece’s imports from the US to all Greek imports (2.6%) and the US trade balance with the US is a surplus of 250 million euros and in 2024. Thus, the US continues to be the fifth most important customer (as well as 2023) and 2023) compared to 2023.
Greece’s exports to the US
Investigating the general product categories (SITC), it appears that in 2024, 71% of Greek exports to the US came from twenty products.
These are the following:
- Oils of oil or asphalt minerals, other from raw oils. Preparations that are not named or included elsewhere, containing 70 % or more oil or asphalt mineral oils and in which these oils are the key ingredient. Used oils: 505 million euros
- Other vegetables prepared or preserved otherwise with vinegar or acetic acid, not frozen, other than the 2006: EUR 212 million products
- Fruits and fruits and other edible parts of plants, otherwise prepared or preserved, with or without the addition of sugar or other sweeteners or alcohol, which are not named or included elsewhere: EUR 105 million
- Hydraulic cement (including those that are not dust, called “Clinkers”), even colored: € 93 million
- Plates, strips and leaves, from aluminum, with a thickness exceeding 0.2 mm: 91 million euros
- Other products: 75 million euros
- Cheese and cheese for cheese: 74 million euros
- Olive oil and its fractions, albeit refined, but not chemically transformed: 74 million euros
- Parts of Classes of Classes 8801, 8802 or 8806: 62 million euros
- Reactive turbines, turbine promotion devices and other gas strokes: 47 million euros
- Coke (coke) from oil, oil asphalt and other oil residues or asphalt minerals: 45 million euros
- Wires, cables (including coaxial cables) and other electrical insulation ducts (albeit varnished or upward oxidized), or not with connection pieces. Fiber optic cables, consisting of fiber lined each, even if they carry electrical conductors or are fitted with connection pieces: 41 million euros
- Vegetables, fruits and fruits and other edible parts of plants, prepared or preserved with vinegar or acetic acid: 37 million euros
- Nutrition preparations not named or included elsewhere: 33 million euros
- Bakery, pastry or biscuit products, albeit with adding cocoa. The vacuum capsules of the types used for medicines, azymes, dried yeasts of flour or starch of all kinds in leaves and similar products: 32 million euros
- Hair preparations 32 million euros
- Other fruits and fruits: 31 million euros
- Lasers, others from the laser. Other devices and optic instruments, which are not named or included elsewhere in this chapter: € 30 million
- Electric non -heating resistors (including rhodes and potentiometers): 29 million euros
- Electric accumulators, including their separators, even with a square or rectangular shape: 28 million euros
Greece – USA Investment Flows
The US investments in Greece may also be hit. Not because of the duties, but because of the devaluation of the dollar (and therefore the euro reconstruction), which has been brought about by the tariff war.
Although total levels of Greek FDI abroad increased significantly in the period 2021 – 2023, reaching almost $ 4 billion in 2023, the US investment flow remained stable compared to 2022, indicating continuing but steady interest in Greek businesses in the US market.
In particular, according to data from the US Economic Analysis Bureau for 2023, the Greek FDI to the United States amounted to a total value of $ 720 million, which accounts for 18% of all Greek outbounds.
On the other hand, based on the latest (August 2024) data from the US Department of Commerce (Selectusa), FDI from the United States to Greece in 2023 amounted to $ 156 million, with the total value of US investment portfolio in Greece at the end of $ 2023.
According to the same data, Greece through investment in the US supported 3,700 jobs in 2021. In addition, it investments of $ 1,419 million (in terms of final real owner – UBO) in 2023 in areas such as electronic equipment, food, renewable energy sources, communications, computer service services. Greece also investigated Greece invested $ 6 million in research and development through subsidiaries of Greek companies in 2021.
According to the same source, the US in 2023 took the 6th place among the countries of origin of FDIs in Greece (after Luxembourg, Germany, Cyprus, the Netherlands and Switzerland) with investments totaling € 3,253 billion, while the US is the 5th most important Greek, Greek capital, Greek capital, Greek capital.
Greece continues to attract US investment interest, as well as the investment of US Google, Amazon Web Services (AWS), Microsoft, Cisco, Meta, Pfizer and Chubb and more. A similar interest is manifested by a series of businesses in a wide range of economic sectors, recognizing the prospect of investment activity in the Greek market. The investments made in high technology are distinguished.