In recent years, Greece has gained increasing importance in the economic relations between China and the European Union. The figures suggest that while countries like the Netherlands, Germany, and Italy continue to dominate trade between China and Central Europe, their share has been gradually declining. In contrast, smaller economies such as Portugal and Ireland have seen their market share rise steadily. In recent years, this shift has prompted China to pay more attention to smaller European economies, presenting an opportunity for Greece to expand its market presence in China and enhance its influence. Bolstered by the Belt and Road Initiative, China and Greece have deepened their cooperation in trade, investment, and various other sectors. Greece, with its strategic geographical position and economic strengths, has emerged as a vital platform for EU-China collaboration, playing a prominent bridging role.
Geographic Advantage
Greece is situated at the southeastern corner of the European continent, where Asia, Europe, and Africa converge. As a key intersection of both the land and maritime Silk Roads, its location offers unparalleled geographic advantages. With its unique positioning and access to vital port resources, Greece has become an essential node linking the Chinese and European markets.
According to data from the Hellenic Statistical Authority (ΕΛΣΤΑΤ), in the third quarter of 2023, Greek ports handled a total cargo throughput of approximately 29.27 million tons, representing less than 5% of the total throughput of all European ports during that period. While most of the EU's major ports are located in Western Europe (such as those in the Netherlands, Belgium, and Germany), Greece stands out as one of the few countries seeing growth in throughput.
Greece's shipping and port industries hold substantial advantages. In addition to favorable climate conditions, Greece is actively developing its ports, leveraging modern digital technologies to improve operational efficiency. Piraeus Port, located about 10 kilometers southwest of Athens, is a key import-export hub for Greece and occupies a strategically significant position in the global logistics network.
Product Advantage
In the trade sector, Greece's primary exports include refined petroleum products, agricultural goods, and seafood. In recent years, Greece's share of petroleum product exports to China has steadily increased, while agricultural products such as dairy, despite being a later addition to its export portfolio, show great potential for growth. The development of Greek ports, particularly the success of Piraeus Port, underscores Greece's strategic role in regional supply chains.
According to research by Piraeus Bank, Greece's product strengths in international trade lie mainly in lower-tech, lower-productivity goods, which account for 31.9% of the country's total exports. In 2017, high-tech products made up just 4.3% of Greece's total exports, the lowest in the EU. Agricultural products, livestock, seafood, and petroleum products represent areas where Greece holds significant competitive advantages.
When compared to other EU nations, Greece holds a distinct edge in exporting petroleum products to China. According to Chinese customs data, in 2024, Greece's petroleum exports to China totaled approximately USD388 million, with only Norway surpassing this figure at USD1.6 billion. Although other EU countries also export petroleum products to China, most of their export values are considerably lower, typically in the tens of millions of dollars.
Greece's key export goods—agricultural products, seafood, and livestock—currently occupy a smaller share of the Chinese market, yet they hold tremendous growth potential. According to Chinese customs statistics, in 2024, Greece exported USD1.3 million worth of edible fruits, USD15.11 million worth of dairy products (including eggs and dairy), and USD14,500 worth of sugar to China. Among other EU countries, France, Germany, and the Netherlands dominate a larger share of the market. Despite its smaller share, Greece's exports have shown notable growth compared to 2023. For instance, dairy exports grew by 33.5%, while exports from France, Germany, and the Netherlands have all declined. Data from the Hellenic Statistical Authority reveals that from January to November 2023, Greece exported 793,100 kilograms of dairy products to China. By the same period in 2024, this figure increased to 1.81 million kilograms, reflecting a 128% year-on-year growth.
Greece is also one of Europe's largest tobacco-consuming nations. According to the EU statistical agency, around 27% of Greek adults are smokers, which is above the EU average of 21%. Despite the Greek government's efforts to curb smoking in recent years, demand for tobacco remains stable.
Tobacco consumption in Greece has traditionally been dominated by cigarettes, but in recent years, e-cigarettes and heated tobacco products (HTPs) have been on the rise. This shift is particularly noticeable among younger consumers, with growing demand for these new tobacco products. According to the EU Tobacco Market Report 2023, the market for novel tobacco products in Greece grew by about 15% in 2022.
In the Greek tobacco market, major international players, including British American Tobacco (BAT), Philip Morris International (PMI), and Japan Tobacco International (JTI), hold dominant positions. These companies have solidified their presence through localized production and tailored marketing strategies.
Investment Potential
China's direct investment in Greece has experienced significant growth in recent years, spanning key sectors such as ports and energy. In the tobacco market, Chinese companies, leveraging cost advantages and supply chain strengths, are proving highly competitive.
Data from the Bank of Greece shows that investment from mainland China, Hong Kong, and Macau has surged since 2018. At present, Chinese investors are showing increasing interest in industries such as shipping and energy. Chinese investments in Greece not only contribute to GDP growth but also create a wealth of employment opportunities.
Additionally, the Chinese investment market presents promising opportunities for Greece. Industries like fitness and sailing sports are flourishing in Greece, and their appeal to China's evolving social and consumer needs makes them attractive investment targets in the Chinese market.
An Important Platform for China-Europe Cooperation
As highlighted by the Greek Ministry of Foreign Affairs, Greece maintains close cooperation with the EU in business, trade, and investment. Furthermore, investment funds from third countries have predominantly flowed into Greece's service sectors, particularly in insurance, finance, and real estate. This growing flow of foreign investment reinforces Greece's role as an economic bridge between the EU and third countries.
With its strategic geographical location and economic advantages, Greece has become a vital platform for EU-China cooperation. Due to historical and cultural ties, China has always maintained a positive outlook toward Greece, and Greece is gradually gaining prominence in China-Europe trade, surpassing many other European countries.
In recent years, Greece’s importance in China-Europe economic relations has grown, particularly under the framework of the Belt and Road Initiative. With its unique location, expanding port infrastructure, and stable trade routes between China and Europe, Greece has emerged as a key player driving regional economic cooperation. The success of Piraeus Port stands as a prime example, elevating Greece's economic status and becoming one of China's signature investment projects in Europe.
The deepening cooperation between China and Greece in trade and investment has yielded substantial results. China's direct investments in sectors such as shipping and energy have significantly boosted Greece's economic growth and created numerous job opportunities. Looking forward, the prospects for China-Greece collaboration in port logistics, agricultural trade, and emerging market investments are vast, and Greece's role as a key link in China-Europe economic cooperation is poised to strengthen further.
Disclaimer：The above content is translated from Chinese version of China Inspection and Quarantine Times. The China Inspection and Quarantine Times version shall prevail.