Greek exports rose 26.7% in August 2026, but two-thirds of the rise was fuel
A fuel surge against a weak August 2025 drove most of the jump; non-fuel exports grew 12.5%, almost all of it to the EU, and the overall trade deficit still widened 3.6%.
9We read 9 sources, all in Greek, 2 of them official documents, including ELSTAT's release and supplementary tables, so you can read this in 4 minutes. What we checked ↓
At a glance
- Greek goods exports were €4,261.1m in August 2026, up 26.7% on August 2025; without petroleum products they rose 12.5%, and fuel accounted for about two-thirds of the increase, by our calculation.
- The August 2026 trade deficit widened 3.6% to €2,205.6m because fuel imports grew faster than fuel exports; without petroleum products the deficit fell 6.6%.
- Non-fuel exports to the EU rose 19.0% in August 2026, while non-fuel exports to non-EU countries rose 1.2%.
Greece's goods exports were worth €4,261.1m in August 2026, 26.7% more than in August 2025, according to provisional figures published on 8 October 2026 by ΕΛΣΤΑΤ (Ελληνική Στατιστική Αρχή, Elliniki Statistiki Archi; ELSTAT), the Hellenic Statistical Authority.1 Most of that rise came from petroleum products (ELSTAT's «πετρελαιοειδή», "fuel" in this article), measured against a weak August 2025.1 Without fuel, Greek exports rose 12.5% in August 2026.1
Three Greek headlines, three different measures
Greek outlets reported the same ELSTAT release in three ways on 8 October 2026.345 Reporter.gr led on exports up 26.7% in August, NewsIT on a trade deficit up 3.6%, and newmoney on exports above €37bn in January to August, up 16.5%.345 All three figures match ELSTAT's release.1
They measure different things. The 26.7% compares total August 2026 exports, fuel included, with August 2025.1 The 3.6% is the change in the August trade deficit, which rose from €2,128.7m in August 2025 to €2,205.6m in August 2026.1 The 16.5% covers January to August 2026, when exports reached €37,109.5m against €31,861.3m a year earlier.1 Excluding petroleum products, exports in January to August 2026 rose 7.6%.1
How much of August's rise was fuel?
Greek fuel exports were €1,592.7m in August 2026, against €991.8m in August 2025, by our calculation from ELSTAT's table.1 That increase of €600.9m is about 67% of the €897.4m rise in total exports, by our calculation.1 Over January to August 2026, fuel accounted for about 65% of the rise in exports, by our calculation.1
| € million | August 2025 | August 2026 | Change |
|---|---|---|---|
| Total exports | 3,363.7 | 4,261.1 | +26.7% |
| Fuel exports* | 991.8 | 1,592.7 | +60.6% |
| Exports without fuel | 2,371.9 | 2,668.4 | +12.5% |
| Trade deficit | 2,128.7 | 2,205.6 | +3.6% |
| Trade deficit without fuel | 2,037.9 | 1,902.7 | −6.6% |
*The fuel row is total exports minus exports without petroleum products, and is our calculation. The table uses ELSTAT's provisional data.1
Why the comparison with August 2025 flatters
August 2025 was a weak month for Greek exports. Exports fell 8.7% in August 2025 compared with August 2024, and non-fuel exports fell 6.8%.1 Measured against August 2024, exports in August 2026 were up 15.7% in total and 4.8% without fuel, by our calculation.1 In our reading, that two-year comparison suggests the underlying non-fuel gain is smaller than the 12.5% year-on-year figure implies.1
Exports also fell from July to August in each of the three years in ELSTAT's table: by 21.8% in 2024, 23.2% in 2025 and 17.5% in 2026.2
Where did the non-fuel growth come from?
Mostly from the European Union. Non-fuel exports to EU countries rose 19.0% in August 2026, from €1,504.1m to €1,790.6m.2 Non-fuel exports to non-EU countries rose 1.2%, from €867.8m to €877.8m.2 By our calculation, the EU accounts for €286.5m of the €296.5m rise in non-fuel exports in August 2026.2
With fuel included, the split looks more even: total exports rose 24.5% to the EU and 29.2% to non-EU countries in August 2026.2 The difference is fuel: by our calculation, fuel exports to non-EU countries rose by about €445m, roughly three-quarters of the increase in fuel exports.2 Over January to August 2026, the EU accounts for about 84% of the rise in non-fuel exports, by our calculation.2
Why did the deficit grow when exports jumped?
Because fuel imports grew faster than fuel exports. Greek imports rose 17.7% in August 2026 to €6,466.7m; without petroleum products they rose 3.7%.1 Fuel imports rose by €813.0m, about 83% of the increase in imports, by our calculation.1 Greece's fuel trade deficit widened from €90.8m in August 2025 to €302.9m in August 2026, by our calculation.1 By our calculation, that deterioration of €212.1m outweighed the €135.2m improvement in the non-fuel balance, so the overall deficit rose by €76.9m.1
Over January to August 2026, the Greek trade deficit fell 3.8% to €21,183.4m.1
Was August the strongest month of 2026?
Not on ELSTAT's own numbers. ΠΣΕ (Πανελλήνιος Σύνδεσμος Εξαγωγέων, Panellinios Syndesmos Exagogeon), the Panhellenic Exporters Association, said August 2026 "recorded the highest rate of increase of the whole year", in our translation.67 ELSTAT's supplementary tables, published with the same release, show exports up 31.1% year on year in April 2026, against 26.7% in August 2026.2 Without petroleum products, growth was also higher in June 2026 (18.7%) than in August 2026 (12.5%).2
ΠΣΕ's president, Alkiviadis Kalampokis (Αλκιβιάδης Καλαμπόκης), said that "August confirmed that Greek outward orientation no longer knows a summer lull", in our translation.67 That is his assessment. ELSTAT's figures show that Greek exports still fell 17.5% from July to August 2026.2
How firm are the August 2026 figures?
They are provisional. ELSTAT revises its monthly trade data every month until the annual figures become final, ten months after the end of the year.1 July 2026 exports were first published at €5,073.3m, up 15.9%; the August release puts them at €5,163.8m, up 17.9%.289 That is an upward revision of €90.5m, by our calculation.28
In our reading, the fuel figures are the most likely to change. ELSTAT says its provisional data on trade with non-EU countries include "incomplete customs declarations", most of which concern petroleum products.1 Mineral fuels, a different ELSTAT category from petroleum products, made up 55% of Greek imports from non-EU countries and 57% of exports to them in August 2026.2
The figures cover goods only, not services such as tourism.1 ELSTAT's release gives values, not prices or quantities. We have not analysed ELSTAT's separate quantity tables, so we cannot say how much of the fuel rise reflects higher oil prices and how much larger shipments.1
What we checked
Highlights from our fact-check against the original Greek documents. Every claim in the article went through the same check.
- Got it wrong
The Panhellenic Exporters Association (ΠΣΕ) said August 2026 "recorded the highest rate of increase of the whole year" (our translation) 67.
ELSTAT's supplementary tables, published with the same release, show exports up 31.1% year on year in April 2026, against 26.7% in August 2.
- Confirmed
Greek headlines on 8 October 2026 reported exports up 26.7%, the trade deficit up 3.6%, and eight-month exports above €37bn, up 16.5% 345.
All three match ELSTAT. They measure, in turn, August exports including fuel, the August trade balance including fuel, and the January–August export total 1.
- Confirmed
Reporter.gr reported that, without petroleum products, August 2026 exports rose 12.5% and the trade deficit fell 6.6% 3.
ELSTAT's Table 1 gives non-fuel exports of €2,668.4m against €2,371.9m, and a non-fuel deficit of €1,902.7m against €2,037.9m 1.
- Confirmed
powergame.gr and Reporter.gr reported July 2026 exports at €5,073.3m, up 15.9%, on 7 September 2026 89.
The August release revises July to €5,163.8m, up 17.9%: €90.5m higher, by our calculation 2.
What we don't know yet
- How much of the rise in fuel exports reflects higher prices and how much larger volumes. ELSTAT's release gives values only; we have not analysed its separate quantity tables.
- Whether the August 2026 fuel figures will be revised, and by how much. ELSTAT says provisional non-EU data include incomplete customs declarations, most of which concern petroleum products.
- Whether the 19.0% rise in non-fuel exports to the EU reflects a few large shipments or broad demand. The release has no country or company detail.
- How ΠΣΕ reconciles its claim that August had the year's highest growth rate with April's 31.1% in ELSTAT's current monthly table.
- What the Bank of Greece's balance of payments for August 2026 will show. It has not yet been published.
Sources
- ΕΛΣΤΑΤ (ELSTAT) · Εμπορευματικές Συναλλαγές της Ελλάδος: Αύγουστος 2026 (Προσωρινά στοιχεία) · 8 October 2026 · in Greek · Open ↗ · Archived copy
- ΕΛΣΤΑΤ (ELSTAT) · Συμπληρωματικά Στοιχεία – Εμπορευματικές Συναλλαγές της Ελλάδος: Αύγουστος 2026 · 8 October 2026 · in Greek · Open ↗ · Archived copy
- Reporter.gr · ΕΛΣΤΑΤ: Ισχυρή άνοδος 26,7% στις εξαγωγές τον Αύγουστο · 8 October 2026 · in Greek · Open ↗ · Archived copy
- NewsIT · ΕΛΣΤΑΤ: Αύξηση 3,6% στο εμπορικό έλλειμμα τον Αύγουστο – Στα 4.261,1 εκατ. ευρώ οι εξαγωγές · 8 October 2026 · in Greek · Open ↗ · Archived copy
- newmoney · ΕΛΣΤΑΤ: Πάνω από 37 δισ. ευρώ οι ελληνικές εξαγωγές στο 8μηνο, αυξημένες κατά 16,5% · 8 October 2026 · in Greek · Open ↗ · Archived copy
- piraeus365.gr (ΠΣΕ–ΚΕΕΜ text) · Οι ελληνικές εξαγωγές κατά τον Αύγουστο του 2026 · 8 October 2026 · in Greek · Open ↗ · Archived copy
- Οικονομικός Ταχυδρόμος (ot.gr) · ΠΣΕ: Εκτίναξη εξαγωγών τον Αύγουστο «παρά τη θερινή ραστώνη» – Το 8μηνο 2026 ξεπερνά τα 37 δισ. ευρώ · 8 October 2026 · in Greek · Open ↗ · Archived copy
- powergame.gr · Στα 19,1 δισ. το εμπορικό έλλειμμα στο επτάμηνο, αύξηση εξαγωγών κατά 14,9% · 7 September 2026 · in Greek · Open ↗ · Archived copy
- Reporter.gr · ΕΛΣΤΑΤ: Ισχυρή άνοδος των εξαγωγών κατά 14,9% στο επτάμηνο – Στο 3,8% η μείωση του εμπορικού ελλείμματος · 7 September 2026 · in Greek · Open ↗ · Archived copy
Every figure in the text links to its source. Our own calculations are marked as such. Translations from Greek are ours. Archived copies are snapshots saved on the Internet Archive when we published.
Corrections & updates
No corrections to this article. Spotted an error? Tell us. Corrections policy