Euro area exports rose by 24% YoY in Aug 2022 to €231.1 bn

As a result, the euro area recorded a €50.9 billion deficit in trade in goods with the rest of the world in August 2022, compared with a surplus of €2.8 billion in August 2021, according to Eurostat, the statistical office of the European Union (EU). Intra-euro area trade rose to €210.5 billion in August 2022, up by 34.8 per cent compared with August 2021.

In January to August 2022, euro area exports of goods to the rest of the world rose to €1,859.8 billion (an increase of 18.7 per cent compared with January-August 2021), and imports rose to €2,088.6 billion (an increase of 44.7 per cent compared with January-August 2021). As a result, the euro area recorded a deficit of €228.8 billion, compared with a surplus of €124.0 billion in January-August 2021. Intra-euro area trade rose to €1,766.9 billion in January-August 2022, up by 27.2 per cent compared with January-August 2021.

The first estimate for extra-EU exports of goods in August 2022 was €207.1 billion, up by 24.2 per cent compared with August 2021 (€166.7 billion). Imports from the rest of the world stood at €271.8 billion, up by 56.4 per cent compared with August 2021 (€173.8 billion). As a result, the EU recorded a €64.7 billion deficit in trade in goods with the rest of the world in August 2022, compared with -€7.1 billion in August 2021. Intra-EU trade rose to €329.5 billion in August 2022, +32.3 per cent compared with August 2021.

In January to August 2022, extra-EU exports of goods rose to €1,657.3 billion (an increase of 18.1 per cent compared with January-August 2021), and imports rose to €1,966.9 billion (an increase of 49.9 per cent compared with January-August 2021). As a result, the EU recorded a deficit of €309.6 billion, compared with a surplus of €91.8 billion in January-August 2021. Intra-EU trade rose to €2,740.4 billion in January-August 2022, +25.1 per cent compared with January-August 2021.

In August 2022, compared with August 2021, all member states registered large increases in extra-EU exports except Cyprus (-22.9 per cent). The highest increases were registered in Slovenia (+98.1 per cent) and Malta (+85.4 per cent), said Eurostat.

With regard to the extra-EU imports, all member states registered large increases except Latvia (-21.7 per cent), Estonia (-16.4 per cent), and Luxembourg (-13.6 per cent). The highest increases were observed in Croatia (+149.7 per cent), Portugal (+93.5 per cent), and Malta (+90.2 per cent).

ALCHEMPro News Desk (NB)