The Piraeus Chamber of Commerce' information note on the economic turmoil since the war in the Middle East
The 50-day war with Hamas militants in Gaza in 2014 cost Israel 3.5 billion shekels, or 0.3% of GDP.
The Piraeus Chamber of Commerce and Industry informs that, in the wake of the outbreak of war in the Middle East region, the Federation of Israeli Chambers of Commerce has sent an information note to the country's commercial partners, including the Hellenic-Israeli Chamber, with which it clarifies that trade continues, despite difficult conditions.
At the same time, the Association of Israeli Chambers of Commerce has set up an emergency unit to support foreign businesses. The FICC clarifies that Tel Aviv's Ben Gurion Airport remains open, while Israel's airlines El Al and Arkia continue to transport intensive goods, from multiple destinations, to and from Israel.
In a related announcement, it is pointed out that Ashdod and all ports with customs and authorities are operating normally and without interruption, 24 hours a day, continuing, despite the state of emergency, to load and unload goods. Also, the gas platforms that have been deployed in the area by Israel are guarded to the highest degree.
The Central Bank of Israel said it was still too early to estimate the economic damage from the conflict, but pointed out that a 50-day war with Hamas militants in Gaza in 2014 caused 3.5 billion shekels, or 0.3%, in losses. of GDP.
The level of bilateral trade relations
Regarding the bilateral trade between Greece and Israel, from the official data of ELSTAT, it is impressive that, in 2022, a significant increase of 45.8% was recorded in the total volume, which reached 1.37 billion euros and, in fact, with the our country to triple the trade balance in its favor, from 110 million euros to a broad surplus of 327 million euros. This increase is mainly due to the +54.9% of Greece's exports to Israel, which reached a value of 850 million euros, from approximately 550 million within a year. Excluding petroleum products, the 23.5% annual increase in exports was equally significant, from 440 million euros to a historical record of 543 million euros. Likewise, in 2022 imports from Israel recorded increases of 33% reaching a value of 523 out of 393 million euros. However, excluding petroleum products, a decrease of 5% was recorded, namely from 207 to 197 million euros. The most important element of Greek exports during last year and early 2023 was the large increase recorded in a number of internationally established Greek products, petroleum products and various industrial products in the construction sector of hydrocarbon extraction, such as copper pipes, iron pipes and wires. The complete absence of food and pharmaceutical items in our first ten exported products is noteworthy, which demonstrates the peculiarities of the Israeli market. In the species imported into Greece, petroleum products to our refineries dominate with 305 million euros, which cover almost 2/3 of the total value of our imports, while a significant share is still held by the "scrup" of various old ferrous metals for processing .