As the Greeks go to the polls this weekend to vote in a new government, figures show that food exports to the country have plummeted.

British food and drink exports to Greece were more than 40% lower in the first quarter of 2012 than in the same period in 2011, according to the latest figures from HMRC.

The brakes have been put on exports by the prospect of Greece exiting the eurozone.

Trade credit insurers, including the world’s largest, Euler Hermes, have suspended cover for exporters shipping to Greece because of the risk that they will not be paid if the country exits the euro.

A Greek exit would force companies to revert to the drachma, which was likely to fall dramatically against the euro, making it hard for importers to pay euro-denominated invoices.

The bulk of British food exports to Greece are ingredients. Other big-selling categories include seafood, dairy and ice cream.

However, Greece is a small trading partner. It accounted for just £14.5m of the £3bn of British food exports in the first quarter of the year, so the decrease in exports has failed to upset an otherwise encouraging picture for British exporters.

In the quarter, total food exports from Britain rose by 6%, with exports to France, the Netherlands and the US particularly strong. Even exports to Spain and Italy rose, despite their respective debt problems.

The FDF said it was confident 2012 would be another good year for British food exports, even as the pound strengthens against the euro.

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