Wine is one of Greece's most important agricultural experts, with the value of wine exports accounting for more than 50 percent of total beverage exports from the country. The balance of trade for wines shows a steady surplus, with exports during the last five years being more than 10 times greater than imports, even though there are some fluctuations in the size of th surplus.Despite these fluctuations, there is a strong upward trend for exports after 1984, with the balance of trade surplus standing at 15.4 billion drachmas.

After 1992 , bottled wines took the lead in exports, displacing retsina and bulk wines as front-runners. Today approximately 18 percent of total Greek wine production is exported, though this percentage increases to 76 percent in VQPRD category.This means that a qualitative differentiation of the image of Greek wine in export markets has been achieved. At the same time Greece's exports markets are discovering the country's white wines ( 45 percent ) , where red and rose wines had dominated 37 percent. Table wines make up the vast majority of exports ( 75 percent) and VQPRD categories account for 8 percent of exports. Also high are exports of grape must, chiefly to France and Italy for blending with wines there, while exports of Greek sparkling wines remain negligible.

Nearly 90 percent of Greek exports are absorded by the EU, especially the German market. Germany absorbs up to 40 percent of total exports with special emphasis on retsina, due to ethnic Greek communities living there. France follows with 28 percent , though here , as in Italy, they mostly buy grape must and bulk wines.

It should be noted that up until 1979 , the EU absorbed less than 50 percent of Greek wine exports but following Greece's entry into the common market in 1981 this share increased, chiefly at the expense of Africa and North America.The most expensive market for Greece wines is Japan , not only because of the high transportation costs but also because of their relatively higher prices. Greece , however, holds sixth place in EU wine exports, with 1,5 percent share of the total.

Imports of foreign wines to Greece convern 2 percent of domestic consumption and 1 percent of beverage imports but their share of the market is steadily having risen from 0,2 percent in the previous decade. Up until 1988, imports were confined almost exlusively to sparkling wines, which are not produced in Greece but since then imports of table wines has risen.

EU countries account for 95 percent of wine imports to Greece, chiefly Italy ( 36 percent ) , followed by France ( 21 percent ), Britain (19 percent ) , Spain ( 8 percent ) , Germany ( 7 percent ). Smaller quantities are imported from Cyprus, the South East Europe, central and East Europe. New arrivals are cheap imports from further afield - such as Australia and the US- which are expected to increase in number over the next few years within the framework of the new GATT agreement.

Hepo plans until 1999 to spend on its eight -year campaign for Greek wine 5 billion drachmas. The organisation scheduled to focus its efforts on the German, British and Japanese markets mainly while promotions will also take place in Belgium and Canada.

Germany, the largest wine importer in Europe, is by far the most important of these export markets, especially for bottled wines.Whereas other countries such as France, Italy and Spain tend to buy anonymous wines old in bulk, Germany absorbs 67 percent of Greek exports in bottled wine, as well as absorbing 48 percent of the volume and 57 percent of the value of total Greek wine exports.

According to German figures, Greek exports to Germany reached 22,764 tonnes that were worth 50 million German marks. Sales of Greek wines are also boosted by many hundernds of Greek restaurants in Germany, which stock them almost exclusively , and the recent activity developed there by Greece- based food and drink suppliers.

Apart from German market, HEPO, has also taken steps to slowly win over Britain, a very important wine importer worldwide with a turnover of 1.6 billion pounds.Headed by a noted « Master of Wine « the Greek Wine Bureau has provided the British press, buyers and public with a steady stream of information about Greek wine, as well as taking part in exhibitions, organising wine tastings. Greek wines, however, can now be found on the shelves of major highstreet off-licences, such as Harvey Nichols, Asda, Victoria Wine, Tesco, Morrisons , among others.

There are two main groups in the wine making sector in Greece, the private sector companies and the large wine grower cooperatives.Recently apart from a host of small wine makers producing low quality bulk wines, a number of small winneries producing high quality wines have also appeared, giving a valuable boost to the image of Greek wines both within the country but ALSOABROAD. In general the overriding characteristic of this sector are large industrial units, especially in relation to other sectors of Greek industry.