Euro area's foreign goods trade sees €8.8 bn deficit in Dec 2022

In January to December 2022, euro area exports of goods to the rest of the world rose to €2,877.8 billion (an increase of 18.0 per cent compared with January-December 2021), and imports rose to €3,192.5 billion (an increase of 37.5 per cent compared with January-December 2021). As a result, the euro area recorded a deficit of €314.7 billion, compared with a surplus of €116.4 billion in January-December 2021. Intra-euro area trade rose to €2,726.4 billion in January-December 2022, up by 24.4 per cent compared with January-December 2021, the European Union’s (EU) statistical office Eurostat said in a news release.

The first estimate for extra-EU exports of goods in December 2022 was €218.7 billion, up by 10.3 per cent compared with December 2021 (€198.2 billion). Imports from the rest of the world stood at €230.8 billion, up by 8.5 per cent compared with December 2021 (€212.8 billion). As a result, the EU recorded a €12.1 billion deficit in trade in goods with the rest of the world in December 2022, compared with -€14.6 billion in December 2021. Intra-EU trade rose to €326.7 billion in December 2022, a rise of 8.5 per cent compared with December 2021.

In January to December 2022, extra-EU exports of goods rose to €2,572.0 billion (an increase of 17.9 per cent compared with January-December 2021), and imports rose to €3,003.2 billion (an increase of 41.3 per cent compared with January-December 2021). As a result, the EU recorded a deficit of €431.2 billion, compared with a surplus of €55.1 billion in January-December 2021. Intra-EU trade rose to €4,225.2 billion in January-December 2022, an increase of 22.7 per cent compared with January-December 2021.

In December 2022, compared with December 2021, all the member states registered increases in extra-EU exports except Estonia (-30.4 per cent), Belgium (-4.2 per cent), Malta (-3.5 per cent) and Slovakia (-3.3 per cent). The highest increases were registered in Slovenia (47.5 per cent) and Cyprus (90.1 per cent), added the release.

With regard to the extra-EU imports, the picture is similar. In December 2022 compared to December 2021, all but six member states registered increases in extra-EU imports. The highest increases were observed in Lithuania (32.1 per cent), Croatia (38.9 per cent), and Latvia (103.7 per cent), while the highest decreases were registered in Finland (-15.1 per cent) and Estonia (-39.3 per cent).

ALCHEMPro News Desk (NB)