Focus on Greek Investment Immigration and Greek Business Trade: An article in the Wall Street Journal on July 9 states that to end a six-year economic recession, the Greek Prime Minister and the Mayor of Athens have recently led trade delegations to China, intending to expand food exports to China and revitalize the domestic economy by catering to the tastes of Chinese consumers.
As one of Greece's largest industries, the food sector is targeting China's growing middle class, which is rapidly becoming the main consumer group for Mediterranean specialties such as olive oil, honey, dried figs, and sheep's milk. In 2012, China became the fourth largest export market globally for Greek extra virgin olive oil, following Italy, Germany, and the United States. Official Greek data shows that from 2010 to 2012, exports of Greek extra virgin olive oil to China surged by approximately 160%, seven times the growth rate of its total overseas sales.
Currently, Greece's exports of extra virgin olive oil to China amount to $8.5 million, with total global exports reaching $26.3 million. For producers, the market share in China remains relatively small compared to its rapidly growing global total. However, since 2010, the market share of such products in China has more than doubled, surpassing that of Russia and Canada. Other Greek food exports to China are also showing strong momentum.