Capital.gr
The Turkish market has become a major export destination for crisis-stricken Greece, as Greek companies find it harder to sell in the domestic market due to worsening financial conditions of the average Greek household.
Greek exports to Turkey surged to $3.5 billion (2.6 billion euros) in 2012 from $1.1 billion in 2009, according to Turkstat data. During this period, the average year-on-year increase of Greek exports hovered around 50 percent, while Turkish exports remained flat at around $1.5 billion each year.
This eye-catching shift in trade relations left Turkey as a net importer from Greece, whereas in 2007, before the Greek debt crisis, Turkey had a positive trade balance with Greece of $1.7 billion.
Archontis Pantsios, a professor of economics at The American College of Thessaloniki, said that since the onset of the crisis in Greece, Turkey has become a more suitable market for Greek companies.
"They are looking to lower the costs and exporting to Turkey is an effective option for Greek companies," Pantsios told SETimes.
Turkey΄s vibrant domestic demand and large market is seen as another reason for the increase in Greek exports to Turkey.
