Euro area sees 3.9% YoY drop in exports, surplus in trade for Aug 2023

Intraeuro area trade fell to €189.3 billion in August 2023, down by 13.2 per cent compared with August 2022. In January to August 2023, euro area exports of goods to the rest of the world rose to €1,883.9 billion—an increase of 1.5 per cent compared with January-August 2022, and imports fell to €1,875.8 billion—a decrease of 10.6 per cent compared with January-August 2022. As a result, the euro area recorded a surplus of €8.1 billion, compared with -€242.9 billion in January-August 2022. Intra-euro area trade fell to €1,772.3 billion in January-August 2023, down by 1.8 per cent compared with January-August 2022, Eurostat said in a press release.

The first estimate for extra-EU exports of goods in August 2023 was €198.5 billion, down by 4.1 per cent compared with August 2022 at €206.9 billion. Imports from the rest of the world stood at €197.1 billion, down by 27.8 per cent compared with August 2022 at €272.9 billion. As a result, the EU recorded a €1.4 billion surplus in trade in goods with the rest of the world in August 2023, compared with a deficit of €66.0 billion in August 2022. Intra-EU trade fell to €302.1 billion in August 2023, -10.0 per cent compared with August 2022.

In January to August 2023, extra-EU exports of goods rose to €1,690.7 billion—an increase of 2.0 per cent compared with January-August 2022, and imports fell to €1,700.6 billion—a decrease of 13.6 per cent compared with January-August 2022.

As a result, the EU recorded a deficit of €9.8 billion, compared with -€311.4 billion in January-August 2022. Intra-EU trade fell to €2,749.4 billion in January-August 2023, down by 0.3 per cent compared with January-August 2022.

In August 2023, compared with August 2022, all the member states registered decreases in exports except five. The highest decreases were registered in Greece at -24.5 per cent, Estonia at -23.1 per cent, Bulgaria at -22.7 per cent, Latvia at -22.3 per cent, Lithuania at -21.8 per cent, and Belgium at -21.3 per cent. The highest increase was registered in Cyprus at 55.2 per cent.

With regard to the extra-EU imports, the picture is similar. In August 2023 compared to August 2022, the majority of member states registered decreases, while three member states registered increases in imports. The highest decreases were observed in Belgium at -28.0 per cent, Lithuania at -27.9 per cent, Finland at -25.7 per cent, Croatia at -24.6 per cent, Latvia at -22.8 per cent, Ireland at -21.6 per cent, and Italy at -20.9 per cent. The highest increases were observed in Malta at 16.5 per cent and Cyprus at 12.4 per cent.

ALCHEMPro News Desk (NB)