Greece: Wheat Market 2024

Wheat Market Size in Greece

In 2022, the Greek wheat market increased by 24% to $X, rising for the third year in a row after two years of decline. Overall, consumption, however, showed a pronounced descent. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Wheat Production in Greece

In value terms, wheat production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 28%. Wheat production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The average yield of wheat in Greece expanded modestly to X tons per ha in 2022, picking up by 2.9% compared with 2021. The yield figure increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 10% against the previous year. As a result, the yield attained the peak level of X tons per ha. From 2021 to 2022, the growth of the average wheat yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of wheat in Greece contracted to X ha, approximately reflecting the previous year's figure. In general, the harvested area continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2016 when the harvested area increased by 7.4%. The wheat harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Wheat Exports

Exports from Greece

In 2022, after two years of growth, there was significant decline in overseas shipments of wheat, when their volume decreased by -21.3% to X tons. Overall, exports, however, recorded a measured expansion. The pace of growth was the most pronounced in 2016 when exports increased by 306%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wheat exports expanded slightly to $X in 2022. Over the period under review, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2016 with an increase of 181% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for wheat exports from Greece, accounting for a 75% share of total exports. Moreover, wheat exports to Italy exceeded the volume sent to the second major destination, Tunisia (X tons), threefold. The Netherlands (X tons) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2022, the average annual growth rate of volume to Italy stood at +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+41.2% per year) and the Netherlands (+0.8% per year).

In value terms, Italy ($X) remains the key foreign market for wheat exports from Greece, comprising 74% of total exports. The second position in the ranking was taken by Tunisia ($X), with a 22% share of total exports. It was followed by the Netherlands, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy amounted to +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+45.4% per year) and the Netherlands (+5.8% per year).

Export Prices by Country

The average wheat export price stood at $X per ton in 2022, jumping by 32% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat export price increased by +121.0% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were the Netherlands ($X per ton) and Tunisia ($X per ton), while the average price for exports to Turkey ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wheat Imports

Imports into Greece

In 2022, the amount of wheat imported into Greece declined to X tons, which is down by -7.7% against the previous year's figure. The total import volume increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, wheat imports soared to $X in 2022. In general, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +87.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 56%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Bulgaria (X tons) constituted the largest supplier of wheat to Greece, accounting for a 44% share of total imports. Moreover, wheat imports from Bulgaria exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), twofold. The third position in this ranking was held by Russia (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Bulgaria amounted to +5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+51.8% per year) and Russia (-5.1% per year).

In value terms, Bulgaria ($X) constituted the largest supplier of wheat to Greece, comprising 44% of total imports. The second position in the ranking was held by Ukraine ($X), with a 19% share of total imports. It was followed by Russia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Bulgaria stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+53.3% per year) and Russia (-2.4% per year).

Import Prices by Country

In 2022, the average wheat import price amounted to $X per ton, rising by 30% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wheat import price increased by +96.0% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Kazakhstan ($X per ton) and France ($X per ton), while the price for Moldova ($X per ton) and Ukraine ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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