EU trade balance snaps deficit streak, swings to surplus in Q2 2023

The change has been attributed to declining energy prices. Exports for the quarter saw a dip of 2 per cent, while imports declined by a more significant 3.5 per cent. A substantial 15.6 per cent drop in energy imports and a 10.9 per cent decline in raw material imports, compared to Q1 2023, contributed to the shift in trade dynamics.

While most export sectors faced declines, energy and raw materials experienced the most substantial decreases, plummeting 22.5 per cent and 9.3 per cent respectively. In terms of energy trade balance, the deficit improved from minus €115.3 billion in the first quarter to minus €100 billion in the second quarter of 2023, as per Eurostat.

ALCHEMPro News Desk (DP)