Greece and China Strengthen Economic Ties through Exports and Investments

Strategic Insights -

Greece is seeking to increase its exports to China, particularly of olive oil, Feta cheese, wine, and fruits, as the Mediterranean diet becomes increasingly popular among the Chinese. The Greek Foreign Ministry reports that demand for Greek foods is growing due to their perceived health benefits. Meanwhile, Greece and China have been strengthening their economic ties through investments, with Chinese companies such as COSCO, China Seamen Club Services Co, and ZTE investing in the Greek economy. In return, Greek companies like S&B and Cosmos Building Materials Co Ltd are expanding into the Chinese market.

Key Takeaways:

  • Greece aims to increase its exports to China, particularly of olive oil, Feta cheese, wine, and fruits, as demand for the Mediterranean diet grows.
  • Greece has been increasing exports to China over the last few decades, with total exports valued at US$72.7 million in 2003, compared to US$33 million in 1990.
  • China's imports from Greece have also grown, with total imports valued at US$1.75 billion in 2004, compared to US$117.5 million in 1990.
  • Chinese companies such as COSCO, China Seamen Club Services Co, and ZTE have invested in the Greek economy.
  • Greek companies such as S&B and Cosmos Building Materials Co Ltd are expanding into the Chinese market.
  • Shipping and port upgrading constitute a vitally important aspect of economic co-operation between China and Greece, with Greek vessels transporting 50% of the world's sea-borne transported oil.

Statistics:

  • Greece's exports to China were valued at US$72.7 million in 2003, compared to US$33 million in 1990.
  • China's imports from Greece were valued at US$1.75 billion in 2004, compared to US$117.5 million in 1990.
  • Greek vessels transported 50% of the world's sea-borne transported oil.
  • 100 ships have been, are being, and will be built by Chinese shipyards for Greece between 2004 and 2006.

Sources:

  • "Greece aims to boost Greek exports to China" by Asia Pulse (Jan 18, 2005)
  • Asia Pulse (Jan 18, 2005)
  • The Greek Ministry of Mercantile Marine
  • "Greece and China to strengthen co-operations in shipping and port upgrading" (Jan 18, 2005)
  • John Tzoannos, Secretary-General of the Greek Ministry of Mercantile Marine