Greece Trade, Exports and Imports

By: EconomyWatch Content   Date: 29 March 2010

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 Traditionally, the balance of Greece trade has been negative. However, ever since Greece joined the EU and gave up restrictive trading measures, things have started to look up, albeit with still a negative balance. The US remains the largest trade partner of the nation outside of EU members.

Greece trade imbalance has been managed with loans from the EU, remittances from expatriates, shipping and tourism. Tourism has, in fact, helped the nation collect foreign exchange and contributes to the GDP on an increasing trend.

Greece Trade: Exports and Imports

 

Greece has been a traditional exporter of food, beverages and textiles. It has most of its trading partners located in the EU with the only notable external trade partner being USA. In 2009, the economy suffered due to dip in exports, as the figures dropped from $29.14 billion (2008) to $18.64 billion in 2009. The country, in terms of export volume, ranked 65th in the world and thus was far below the EU rankings.

Greece mainly exports the following commodities:

 

  • Food and beverages

  • Manufactured goods

  • Petroleum products

  • Chemicals

  • Textiles 

Major export partners are:

 

  • Italy

  • Germany

  • Bulgaria

  • Cyprus

  • US

  • UK

  • Romania

     

The excessive amount of imports has always been a cause of worry for Greece economy. Even though imports decreased during recession, the volume remained a lot higher than exports. Thus, the economy had to rely on tourism, loans as well as remittances from expatriates for filling the gap.

 

In 2009, the imports volume was $61.47 billion. At the same time previous year, the volume had been $93.91 billion. In terms of imports volume, the country ranked 37th in the world.

The following countries have been regular import partners of Greece:

 

  • Germany 12.1%

  • Italy 11.7%

  • Russia 7.4%

  • China 5.6%

  • France 5.1%

  • Netherlands 4.7% 

 

The main imported commodities are machinery, transport equipment, fuels and chemicals.

 

 

 

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