Circuit optimism is expressed by the Seve-Logonian exporters regarding the impacts that will have after the imposing new duties of 20%announced by the Trump government for exports of European products, including Greek, to the United States. However, it is noted that “there will be a small impact on the Greek economy”. As stated in a statement by the SEVE, “these duties, which are imposed horizontally on all imported products by the European Union, may affect the competitiveness of certain sectors of the European economy. However, the implications 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, increasing 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, which suffered a limited market. Consequently, the imposition of these duties, although expected to have negative consequences on our export sector, is not expected to have a significant impact, except to a very small extent.
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%. The US market is particularly important for the Greek export sector in the Olive sector, as in 2024 exports of Greek oils to the US amounted to € 201.6 million, accounting for 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 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,” the exporters’ association said in a statement.
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 be excluded from the imposition of these tariffs on the peach and the slice. 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.