• December 11, 2023
Unlocking Europe Trade Potential: A Comprehensive Guide to Europe Trade Data

Table of Contents

Europe Trade Performance

In June 2023, the Euro area witnessed its first estimate for euro area exports of goods to the rest of the world, which amounted to €252.3 billion, an increase of 0.3% compared with June 2022 (€251.5 billion). Imports from the rest of the world stood at €229.3 billion, a fall of 17.7% compared with June 2022 (€278.5 billion). As a result, the euro area recorded a €23 billion surplus in trade in goods with the rest of the world in June 2023, compared with a deficit of €27.1 billion in June 2022. Intra-euro area trade fell to €231.6 billion in June 2023, down by 4.1% compared with June 2022.

In January to June 2023, euro area exports of goods rose to €1,434.9 billion (an increase of 3.2% compared with January-June 2022), and imports fell to €1,429.6 billion (a decrease of 7.3% compared with January-June 2022). As a result, the euro area recorded a surplus of €5.3 billion, compared with €-151.8 billion in January-June 2022. Intra-euro area trade rose to €1,369.2 billion in January-June 2023, up by 1.1% compared with January-June 2022.

European Union Trade Performance

The first estimate for extra-EU exports of goods in June 2023 was €225.9 billion, up by 0.4% compared with June 2022 (€225.0 billion). Imports from the rest of the world stood at €201.2 billion, down by 22.6% compared with June 2022 (€259.9 billion). As a result, the EU recorded a €24.6 billion surplus in trade in goods with the rest of the world in June 2023, compared with a deficit of €34.9 billion in June 2022. Intra-EU trade fell to €358.7 billion in June 2023, -3.0% compared with June 2022.

In January to June 2023, extra-EU exports of goods rose to €1,286.1 billion (an increase of 3.9% compared with January-June 2022), and imports fell to €1,290.4 billion (a decrease of 10.4% compared with January-June 2022). As a result, the EU recorded a deficit of €4.2 billion, compared with €-201.3 billion in January-June 2022. Intra-EU trade rose to €2,120.1 billion in January-June 2023, +2.1% compared with January-June 2022.

Notable Member State Variations

In June 2023, compared with June 2022, eleven Member States registered increases in exports, while the other sixteen registered decreases. The highest increases were registered in Malta (+13.2%) and Ireland (+11.7%). The highest decreases were observed in Greece (-24.5%), Belgium (-16.8%), Bulgaria (-15.6%) and Finland (-15.4%).

As regards EU imports, all Members States registered decreases, with the exception of Austria, which registered a slight increase. The highest decreases were observed in Malta (-24.5%), Bulgaria (-22.6%), Greece (-21.1%) and Finland (-20.2).

Conclusion

The trade performance of both the Euro area and the EU in June 2023 showed marked improvements in trade balances, driven by varying degrees of shifts in exports and imports. While these figures provide valuable insights into the state of economic affairs in the region, it’s crucial to interpret them with caution, given the complexities of intra-EU trade and the impact of the United Kingdom’s changing status as a trade partner. These trade dynamics are a reflection of the ever-evolving global economic landscape and will continue to be closely monitored in the months and years to come.

More Europe Trade Data

 

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