BoG: Significant surplus of Greece in trade in services with the UAE

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THE Hellas presents, consistently, an important surplus in the trade in services after UAE, according to data for the three years 2018-2020, but also with its recent data Bank of Greece for the nine months 2021.

The surplus is mainly due to shipping services (maritime transport) and amounts to about 400-500 million per year.

In particular, according to an information document of the Office of Economic and Commercial Affairs in Dubai, our embassy in the UAE, according to the BoG, receipts (exports) from services in the UAE in 2020 amounted to 519 million euros, reduced by 23 % compared to 2019 (678 million).

On the contrary, the data for the nine months of 2021 show that the revenues will be clearly improved in the whole of the previous year, not only compared to 2020, but also to 2019, as they amount to 588 million euros.

Of these revenues for 2020, 84% corresponded to maritime transport (shipping), while small percentages between 3-4% were distributed to business services, telecommunications and information technology (ICT) services and travel services (tourism).

This picture changes significantly in the nine months, as maritime transport accounts for 69% of revenues, travel services show a strong increase, accounting for 16% of total revenues, while construction services also show an increasing trend.

For comparison, it is noted that exports of goods in the first nine months of 2021 amounted to 227 million euros.

Regarding the payments (imports) of services from the UAE, they amounted to 104 million euros for 2020, reduced by 42% compared to the previous year (2019: 178 million euros). As with receipts, payments in the 9-month 2021 show an increase to 105.6 million euros. The main categories of services are other transport (air), sea transport and travel services.

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