Greek honey exports to China exhibit great growth potential
“Greece, despite domestic perceptions, is the 34th exporter of honey worldwide, with a market share of 0.34 pct of total value of exports in 2014, and a total export value of 7.47 million US dollars, less than Portugal (9.49 million dollars), Serbia (8.64 million), Moldova (10.1 million), Austria (10.5 million), Denmark (14.5 million), Turkey (20 million), Saudi Arabia (13.4 million), Italy (40.4 million), Spain (112 million), Bulgaria (42.8 million), Romania (43.2 million), Hungary (90.2 million), Poland (24.4 million), Belgium (41.4 million), Ukraine (106 million euros),” the Greek embassy’s economic and commercial affairs bureau in Shanghai said in a report.
In 2013, Greece exported honey worth 8.56 million US dollars, with a market share of 0.44 pct, ranking the country in the 33rd position worldwide. Greece is the sixth honey exporter from Europe to China and the fifth in the EU, however, China absorbed only 4.0 pct of total honey exports from Greece, worth 307,000 US dollars in 2014, or 0.5 pct of total honey imports in China.
Honey exports to China totaled 307,000 dollars in 2014 and 206,000 in 2013, or 0.51 pct of total honey imports in China.
Greek honey exports to China were largely insignificant from 2004 to 2012. In 2014, Greek exports totaled 7.47 million US dollars in value, of which 12 pct to Asia, 63 pct to Europe, 22 pct to North America, 1.0 pct to Australia and 0.3 pct to Africa (0.28 pct to Egypt).
Boosting exports to China
China was the ninth biggest export destination for Greece in 2014, worth 307,000 US dollars, or 4.0 pct of total exports, for a market share of 0.51 pct, the highest rate since 2005 (0.35 pct).
Greek honey exports to China began in 2006, although the rate of increase lagged behind the rate of exports to East Asia (the value of Greek honey exports tripled in 2014 compared with 2013). The report noted that this development showed that Greek honey has not yet found the right distribution channels in the region.
Honey imports to China is projected to reach 102 million US dollars in the next two years, which means that if Greek honey wanted to maintain its market share in the country it should boost exports to China by around 430,000 US dollaris.
An analysis of the competition showed that Greek honey could drain a percentage of 1.5 pct to 2.5 pct from Europe (excluding Ukraine) and a percentage of 0.3 pct to 0.7 pct from Asia and a percentage of 0.1 pct to 0.2 pct from Turkey. Greek exports to China could rise by four times based on realistic and conservatives estimates, to 1.2 million US dollars, or one-sixth of total Greek honey exports in 2014.