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 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
Major export partners are:
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.