Other countries reap added value from Greek produce

Greece exported 50.38 tons of olive oil in the first half of the year for 214.9 million euros. This means it sold olive oil to other countries at 4.2 euros per kilo, while the cheapest brand of olive oil at local supermarkets costs at least 8-8.5 euros per liter (with a liter of olive oil weighing 915 grams).

The reason top-quality Greek olive oil is exported at half the price it retails for in Greece is that most comprises bulk quantities heading to Italy, where the Italians bottle it and hold on to its added value.

This is not the only example showing that while Greece has increased its exports in recent years, these (excluding fuel) mainly concern nonstandardized commodities and raw materials. This translates into mainly low-value exports.

Not only do Greek enterprises - and the economy in general - miss out on revenues, but the absence of investment in...