EU's exports of goods down 3.2% in July 2023

Looking at the January to July 2023 period, extra-EU exports augmented by 2.9 per cent reaching €1.492 trillion, while imports diminished by 11.4 per cent to tally at €1.502 trillion. This resulted in a €10.2 billion deficit, a contraction from the €244.8 billion in the corresponding period in 2022. Intra-EU trade experienced a slight growth, up by 1.1 per cent to a total of €2.447 trillion.

Focusing on the euro area in July 2023, there was a 2.7 per cent contraction in exports to rest of the world at €227.8 billion, while imports fell 18.2 per cent to €221.3 billion from €270.4 billion in July 2022. This created a surplus of €6.5 billion, overturning the €36.3 billion deficit seen in July 2022. Nonetheless, intra-euro area trade dropped 7.9 per cent to €211.8 billion, as per Eurostat.

Assessing the period from January to July 2023, the euro area observed a mild growth in exports by 2.3 per cent to €1.663 trillion, whereas imports receded by 8.4 per cent to €1.660 trillion. This scenario manifested a €2.7 billion surplus, a robust recovery from a deficit of €188.1 billion in the same span in 2022. Intra-euro area trade remained practically unchanged, amounting to €1.584 trillion.

In an analysis of individual member states for July 2023 in comparison to the same month in 2022, twenty countries recorded depreciated exports with Estonia (minus 26.2 per cent), Lithuania (minus 23.2 per cent), and Finland (minus 20.5 per cent) registering the most substantial declines. Meanwhile, Malta and Ireland witnessed spikes in exports, increasing by 27 per cent and 8.5 per cent, respectively.

Regarding imports, all but two nations noted decreases, with Malta (minus 39.6 per cent), Finland (minus 24.6 per cent), Belgium (minus 22.6 per cent), and Lithuania (minus 20.5 per cent) experiencing the harshest contractions. In contrast, Cyprus and Ireland bucked the trend, enhancing their imports by 5.8 per cent and 2.3 per cent, respectively.

ALCHEMPro News Desk (DP)