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Decline in EU exports & imports continues in Q3 2023

The decrease in extra-EU imports for the third quarter of **** was primarily due to a significant drop in the imports of other manufactured goods, which fell by €*.* billion compared to the second quarter of ****, and energy, which decreased by €*.* billion. On the export side, a decrease was also observed in other manufactured goods, by €*.* billion. However, there were increases in exports of energy and chemicals, which rose by €*.* billion and €*.* billion respectively.

A notable shift was seen in the balance of trade deficit in the energy sector. Since the third quarter of ****, this deficit has been steadily decreasing, moving from a record deficit of minus €***.* billion to minus €**.* billion in the third quarter of ****. The decline in prices for energy products has been identified as the primary driver of this change, as per Eurostat.