The US market is of particular importance to the Greek export sector in the sector of their oliveas, according to JESUS data, in 2024 exports of Greek olives to the USA They amounted to € 201.6 million, representing about 26% of total olive exports (€ 761 million).
This demonstrates the strategic importance of the US market for this industry, as it remains one of the most dynamic destinations for the Greek product. Indeed, olive exports to the US increased 39.1% compared to 2023, highlighting their growing demand and steady presence in the US market.
It is noted that the Exporters Association (SEVE) expresses moderate optimism about the impact of the 20%new tariffs announced by the Trump government on exports of European products, including Greek, to the United States.
Trump duties, imposed horizontally on all imported products by the European Union, may affect the competitiveness of some sectors of the European economy. However, the impact on the Greek market are expected to be limited, without significantly affecting the economy.
According to JESU data, in 2024 Greek exports to the United States amounted to € 2.41 billion, up 13.9% compared to 2023 and 20.7% compared to 2020.
Despite this positive course, exports to the US account for only 1% of Greece’s GDP, indicating a limited economic dependence on the US market. Consequently, the imposition of these duties, although expected to have negative consequences on our export sector, is estimated to have a relatively small impact on the Greek economy.
At a sectoral level, food and drinks are the largest export sector to the US, with a share of 30.6%, followed by oil with 22.8%and industrial species with 16.5%.
It is worth noting that Greek olives hold 27.4% of total exports in the food and beverage industry to America, highlighting their key role in bilateral trade. An important role in exports are also played by extremely virgin olive oil, feta and peach compote.
At the same time, the indirect impact on Greek duty exports to other EU countries that may affect the respective economies and consumer purchasing power should not be underestimated.
In any case, Greece has a comparative advantage in the field of food and beverages, and this expects it to be recognized by US importers and consumers.
SEVE is closely monitoring developments and is in collaboration with the government, the relevant ministries, the US Embassy and European bodies, consistently supporting Greek extroverted entrepreneurship and the principles of free trade, with the expectation of a beneficial negotiation.
During the first term of President Trump in 2019, duties were imposed on European food and beverage products, however, thanks to the coordinated efforts of the SEVE, Greece has managed to exclude these tariffs on canned peach and feta.
Finally, it is especially important to seek alternative markets, especially for Greek products whose competitiveness will be reduced. In this context, SEBE President Symeon Diamantidis recently met with the Canadian Ambassador to Greece, in which he discussed the prospects for boosting bilateral cooperation.