Euro area records €4.6 bn surplus in global goods trade in Feb 2023

Intra-euro area trade rose to €224.4 billion in February 2023, up by 8.0 per cent compared with February 2022, according to the Eurostat, the statistical office of the European Union (EU).

In January to February 2023, euro area exports of goods rose to €455.3 billion—an increase of 9.2 per cent compared with January-February 2022. Imports rose to €482.4 billion—an increase of 5.6 per cent compared with January-February 2022. As a result, the euro area recorded a deficit of €27.0 billion, compared with €39.7 billion in January-February 2022. Intra-euro area trade rose to €450.4 billion in January-February 2023, up by 10.3 per cent compared with January-February 2022.

The first estimate for extra-EU exports of goods in February 2023 was €207.7 billion, up by 8.0 per cent compared with February 2022 at €192.3 billion. Imports stood at €202.9 billion, down by 2.8 per cent compared with February 2022 at €208.8 billion. As a result, the EU recorded a €4.8 billion surplus in international trade in goods in February 2023, the first surplus since July 2021, compared with a deficit of €16.5 billion in February 2022. Intra-EU trade rose to €345.5 billion in February 2023—at 7.9 per cent compared with February 2022.

In January to February 2023, extra-EU exports of goods rose to €406.3 billion—an increase of 9.2 per cent compared with January-February 2022. Imports rose to €437.3 billion—an increase of 2.4 per cent compared with January-February 2022. As a result, the EU recorded a deficit of €31.0 billion, compared with €55.1 billion in January-February 2022. Intra-EU trade rose to €694.6 billion in January-February 2023—at 10.5 per cent compared with January-February 2022.

In February 2023, compared with February 2022, the majority of member states registered increases, while seven member states registered a decrease in extra-EU exports. The highest increases were registered in Slovenia at 47.5 per cent, Slovakia at 25.9 per cent, Latvia at 23.9 per cent, and Lithuania at 20.7 per cent, while the highest decreases were observed in Cyprus at -28.3 per cent and Finland at -17.5 per cent.

With regard to the extra-EU imports, the picture is the opposite. In February 2023 compared to February 2022, the majority of members states registered decreases, while seven member states registered increases in extra-EU imports. The highest increases were observed in Hungary at 11.7 per cent and the Netherlands at 9.1 per cent, while the highest decreases were observed in Estonia at -55.9 per cent and Finland at -40.6 per cent.

In February 2023 compared with January 2023, EU seasonally adjusted exports increased by 1.1 per cent, while imports decreased by 4.7 per cent. The seasonally adjusted balance was -€1.0 billion, an increase compared with January at -€14.4 billion.

ALCHEMPro News Desk (NB)