Follow Greek Investment Immigration and pay attention to Greek business and trade: An article titled "Greek Exports Target Chinese Tastes" published on July 9 by the Wall Street Journal website points out that Greece's efforts to revive its economy depend, at least in part, on pleasing the tastes of Chinese individuals like 32-year-old Cao Leifang.
Recently enjoying a holiday at an outdoor restaurant in Athens, Cao Leifang stated that Greek olive oil "tastes too bland," as she is more accustomed to the spicy dishes of her hometown in Hunan Province. However, she still remarked while eating a piece of squid that it was a fresh choice.
Cao Leifang said: "For those of us from southern China, these dishes are a bit bland. But I think it's good for health because it helps prevent cardiovascular diseases."
The article states that as one of Greece's largest industries, the Greek food sector has found that China's rapidly growing middle class is quickly becoming a major market for various Mediterranean specialties such as olive oil, honey, dried figs, and goat's milk. Stores in Shanghai are promoting "Greek flavors," and chefs are modifying Greek dishes to suit local Chinese diners' tastes. After six consecutive years of economic recession, the Prime Minister of Greece and the Mayor of Athens have recently led different trade delegations to China to promote food exports and boost the Greek economy.
The article notes that nearly ten years ago, Athens food exporter Aris Kifaloyannis returned home after a "purely exploratory" visit to China, concluding that it was too early to consider China, the world's most populous country, as a potential market. However, his most recent trip to China has convinced Kifaloyannis, CEO of Gaia Products, that China will replace Norway as his fifth-largest market within three years.
Kifaloyannis said: "Initially, we thought China would be a long-term development direction. But now it seems that China has become our top priority."
According to statistics from the Greek government, in terms of value, China became Greece's fourth-largest export market for extra virgin olive oil products in 2012, following Italy, Germany, and the United States. From 2010 to 2012, Greece's exports of extra virgin olive oil to China increased by approximately 160%, six times the growth rate of overall overseas market sales.
The article states that relative to the global export value of Greek extra virgin olive oil, which is $263 million, the figures for China remain relatively small—only about $8.5 million. However, China's share in this category has more than doubled since 2010, surpassing Russia and Canada. A broader food market also shows new growth momentum from China.
The article suggests that olive oil is not traditionally part of Chinese cuisine. However, now, due to distrust in domestic food quality, middle-class families in China are beginning to accept food ingredients from Greece, Spain, and Italy, trying out the Mediterranean diet.
Kifaloyannis pointed out that his company is improving olive oil to suit Chinese tastes. He also said: "We have an idea that is being put into action, hoping to transform olive oil to better suit Chinese customers' tastes."