During the period covering the decision on and implementation of Brexit (2019–2025), Greece’s trade balance in goods with the United Kingdom has been consistently positive, showing a general upward trend, whereas during the period 2005–2018 it was consistently in deficit, notes ELSTAT in a special analysis marking the 10th anniversary of the Brexit referendum in the UK.
Greece’s exports to the United Kingdom increased significantly in value during the 2021–2025 period, while Brexit does not appear to have affected the United Kingdom’s position in the ranking of Greece’s main export destinations or the categories of its main export products.
Conversely, Greece’s imports from the United Kingdom are projected to decrease in value during the 2021–2025 period compared to the 2005–2020 period, while, at the same time, on the one hand, there is a significant change in the United Kingdom’s ranking among the main countries of origin of imports to Greece, and on the other hand, there is no significant change in the categories of the main imported products. Therefore, Greece appears to have achieved an improvement in its bilateral trade in goods with the United Kingdom following Brexit.
Trade Balance Trends
Greece’s trade balance in goods with the United Kingdom in 2005 was in deficit by 808 million euros and continued to widen until 2009, when it reached 1,026 million euros. During the period 2010–2018, it remained in deficit, with the value of the deficit shrinking almost continuously.
Since 2019, Greece’s trade balance in goods with the United Kingdom has been consistently in surplus. Specifically, in 2021, the first year of Brexit, the surplus more than tripled compared to 2020 (from 148 million euros to 638 million euros, a 330% annual increase).
Since 2022, the trade surplus in goods between Greece and the United Kingdom has exceeded 1,000 million euros, reaching its highest level in 2022 (1,282 million euros).
From 2008 through 2025, the United Kingdom’s ranking among the top destinations for Greek goods exports has remained relatively stable, most often holding the 7th position (in 10 years of the 2008–2025 period) and has ranged between 6th (in 4 years of the 2008–2025 period) and 9th place (in 1 year of the 2008–2025 period).
From 2008 through 2020, the United Kingdom’s position in the ranking of the main countries of origin of goods imported into Greece has been relatively stable, most often holding 13th place (in 6 years of the 2008–2020 period) and has ranged between 9th (in 1 year of the 2008–2020 period) and 15th place (in 1 year of the 2008–2020 period).
Since 2021, the first year of Brexit, the United Kingdom’s ranking among the main countries of origin for goods imported into Greece has dropped significantly, ranging between 21st and 23rd.
The main export and import products in bilateral trade between Greece and the United Kingdom remained relatively stable during the period 2005–2025. In Greece’s exports to the United Kingdom, the main products are Pharmaceuticals, Electrical distribution equipment, Fruits and nuts, Petroleum products, Copper, Cheese, Dairy products, and Aluminum.
Regarding imports from the United Kingdom to Greece, the main products are motor vehicles, pharmaceuticals, beverages, medical products, petroleum products, scrap metal, aluminum, and ships. Since the year BREXIT took effect, 2021, pharmaceuticals are no longer among the top three import products from the United Kingdom to Greece.
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