The decrease in extra-EU imports for the third quarter of 2023 was primarily due to a significant drop in the imports of other manufactured goods, which fell by €6.6 billion compared to the second quarter of 2023, and energy, which decreased by €4.7 billion. On the export side, a decrease was also observed in other manufactured goods, by €2.7 billion. However, there were increases in exports of energy and chemicals, which rose by €3.4 billion and €3.2 billion respectively.
A notable shift was seen in the balance of trade deficit in the energy sector. Since the third quarter of 2022, this deficit has been steadily decreasing, moving from a record deficit of minus €193.8 billion to minus €93.9 billion in the third quarter of 2023. The decline in prices for energy products has been identified as the primary driver of this change, as per Eurostat.
This current trade situation contrasts sharply with the period between the fourth quarter of 2021 and the first quarter of 2023, when increasing energy prices led to a large trade deficit for energy that significantly outweighed surpluses in other product groups.
ALCHEMPro News Desk (DP)
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