EU registers record high trade deficit of €432 bn in 2022: Eurostat

The data also revealed that in 2022, extra-EU imports and exports reached their highest year-on-year growth rates recorded over the last ten years, driven by increasing prices. This development had a significant impact on the EU's overall trade in goods.

Despite this, the EU's internal market remains the primary centre of trade for EU countries. The proportion of intra-EU and extra-EU flows in total trade in goods varied considerably, reflecting historical ties and geographical location, as per Eurostat.

Among EU member states, Luxembourg recorded the highest share of intra-EU imports, with 90 per cent of its total imports coming from EU countries. In contrast, Czechia recorded the highest share of intra-EU exports, with 82 per cent of its total exports going to EU countries.

On the other hand, Ireland recorded the lowest share of intra-EU imports, with only 35 per cent of its total imports coming from EU countries. This was mainly due to its primary trade partner being the United Kingdom. Additionally, Cyprus reported the lowest share of intra-EU exports, with only 26 per cent of its total exports going to EU countries.

The Netherlands imported a significant share of goods from extra-EU countries, with only 39 per cent of its imports being intra-EU. However, it exported a vast majority of those goods within the EU, with 71 per cent of its exports going to EU countries.

ALCHEMPro News Desk (DP)