Euro area's trade surplus in goods soars to €25.6 bn: Eurostat

In the first quarter of 2023, euro area exports rose by 8.5 per cent to €724.5 billion, while imports remained almost unchanged at €727.1 billion compared to the same period in 2022. Consequently, the euro area recorded a deficit of €2.6 billion, compared to €59.7 billion in Q1 2022. Intra-euro area trade rose by 6.9 per cent to €698.3 billion.

Regarding the broader EU, extra-EU exports of goods increased by 9.4 per cent to €242.2 billion in March 2023, while imports decreased by 13.2 per cent to €217.5 billion compared to March 2022. The EU, therefore, recorded a €24.7 billion surplus in trade with the rest of the world, in contrast to a €29.1 billion deficit in March 2022. Intra-EU trade rose by 1.7 per cent to €382.5 billion, as per Eurostat.

In January to March 2023, extra-EU exports of goods rose to €649 billion, an increase of 9.4 per cent compared with January-March 2022, and imports fell to €659.1 billion, down 2.7 per cent compared with January-March 2022. As a result, the EU recorded a deficit of €10.1 billion, compared with minus €84.1 billion in January-March 2022. Intra-EU trade rose to €1 079.4 billion in January-March 2023, up 7.4 per cent compared with January-March 2022.

In March 2023, compared with March 2022, all the member states registered increases in extra-EU exports except Estonia (minus 31.7 per cent), Ireland (minus 11.7 per cent), Sweden (minus 2.2 per cent) and Denmark (minus 2.0 per cent). The highest increases were registered in Slovakia (51.1 per cent) and Slovenia (43.9 per cent).

With regard to the extra-EU imports, the picture is the opposite. In January 2023 compared to January 2022, the majority of members states registered decreases, while five member states registered increases in extra-EU imports. The highest decreases were observed in Estonia (minus 46.5 per cent), Ireland (minus 37.8 per cent) and Lithuania (minus 31.6), while the highest increases were observed in Luxembourg (40.4 per cent) and Slovenia (26.2 per cent).

ALCHEMPro News Desk (DP)