The 23rd issue of Industrial Review, in March 1997, deals with the “chronic problem” of Greece’s trade deficit.
In its editorial we read:
“The merchandise trade deficit is partly offset by exports of invisibles- earnings from tourism, shipping and remittances from emigrants- but these are cyclical and prey to exogenous factors.”
With the exception of “remittances from emigrants” the rest sound worryingly contemporary.
Worryingly contemporary sounds, also, the following conclusion:
“Greek farmers, industrialists and members of the government must evolve practices and policies to make output more productive and sales more competitive so as to reduce the basic trade deficit.”
The issue presents analytical statistics on the evolution of the Greek trade deficit and looks into specific, crucial industries: food, cotton, chemicals and pharmaceuticals, cement, minerals, tobacco, oil and oil products.