Germany is a traditional trading partner of Greece. As far as it concerns the imports of products to Greece, for the year 2013, Germany was the second import country (10,9 % of all the imports to Greece), with 4.757 million Euros earnings, while Russia was at the first place mainly because of the nature of commodities imported to Greece: petroleum products and natural gas. Regarding the exports sector (products exported by Greece) Germany was ranked third having spent 1.811 million euros for the same year. The main exported products from Germany to Greece for the year 2013 were chemical products, machinery and food. But the largest group of German exported products consisted of medical and pharmaceutical products (16,7% of all German exports to Greece).
For the same year, the exports from Greek enterprises to Germany included food, chemical products and animals. The Greek import products to Germany are divided into the following main categories: 21,1% fruits and vegetables, 15,5% eggs and dairy products, 9,3% non-ferrous metals, 6,5% electric machines and appliances. According to a research conducted by the McKinsey company, agricultural products, food, and medicaments can play a significant role in the development of the Greek economy.
|German exports to Greece||4.723||4.754|
|German imports from Greece||1.865||1.811|
|Capital Balance (Net export capital)||-18.325||-7.678|
|German investments – net||-19.418||-7.123|
|Greek investments – net||1.093||-556|
|Source: Deutsche Bundesbank (From: June 2014)|
In 2012, direct and indirect German investments amounted to 1,1billion Euros, out of which one third (1/3) was coming from the sector of information and communications. 904 million Euros (or 28%) were invested in the sector of trading, maintaining and repairing cars. 15% of the total amount of investments were invested in the processing industry. A major industry sector is the manufacturing of chemical products. Some of the most important German companies in Greece are: ADAC, ADIDAS, AIR BERLIN, ALLIANZ, BASF, BAYER, BEIERSDORF, BMW, BOEHRING-INGELHEIM, BOSCH ROBERT, COMMERZBANK, DEUTSCHE BANK, DEUTSCHE MESSE, HENKEL, HOCHTIEF, LINDL, LINDE, LUFTHANSA, M & M MILLITZER & MUENCH, MEDIAMARKT, MERCEDES, MERCK, SANOFI AVENTIS, SAP, SCHENKER, SCHUECO, SIEMENS, SMA, THYSSEN, TÜV, VOLKSWAGEN, WÜRT.
|Direct and Indirect investments||3.934||3.501||3.224||3.175|
|Number of companies||156||165||151||143|
|Personnel (in thousands)||39||35||33||32|
|Annual turnover (in billion euros)||10,6||9,0||8,2||7,6|
|(Source: Deutsche Bundesbank)|
German companies such as Siemens, Allianz, Boehring-Ingelheim invest many million Euros in their subsidiaries in order to support their presence. According to researches of the German-Hellenic Industry and Trade Chamber, the subsidiaries of German companies in Greece are estimated to receive up to 520 million Euros for the years 2013 and 2014. Consequently, 869 new job positions will be created. Greece offers to foreign firms and investors plenty opportunities for investments, participation in enterprises, co-operation with businesses belonging mainly in the processing industry sector. Potential investors may exploit the existing qualified personnel. In the context of cooperation with the Greek companies, the German businesses can produce engines, spare parts and many more industrial products in Greece. Even the services sector (e.g. tourism) can offer co-operation opportunities. Though these co-operations, the German investors could make the most of the Greek know-how and the cheap workforce. Additionally, the automotive sector –especially manufacturing of tires and metal processing, can be proved very interesting sectors for collaboration.
Especially for the Northern Greece, interesting sectors for cooperation are: the fish farming facilities, the exploitation of geothermal energy, the waste processing and the chemical industry. The local industry units produce medicines, fertilizers, and products of compound material.
The wide range of Greek investments in Germany shows the great interest of the Greek businesses to invest in the country. In 2012, the Greek companies invested almost 14 million Euros in Germany and they employed 2.000 employees. The total annual turnover of these businesses was about 500 million Euros. The Greek businesses were active in these sectors: food, tourism, engines, and chemical products.
|Direct and indirect investments||151||167||179||164|
|Number of businesses||11||14||15||14|
|Employees (in thousands)||2||2||2||2|
|Annual turnover (in billion Euros)||0,4||0,4||0,5||0,5|
|(Source: Deutsche Bundesbank)|