Euro area international trade in goods deficit at €16.4 bn

As a result, the euro area recorded a €16.4 billion deficit in trade in goods with the rest of the world in March this year compared with a surplus of €22.5 billion in March last year, the European Union (EU) said in a press release.

Intra-euro area trade rose to €236.8 billion in March 2022, up by 21.2 per cent compared with March 2021.

In the first quarter (Q1) of this year, euro area exports of goods to the rest of the world rose to €666.7 billion—an increase of 16.6 per cent compared with Q1 2021—and imports rose to €719.1 billion—an increase of 39.7 per cent compared with Q1 2021.

As a result, the euro area recorded a deficit of €52.4 billion compared with a surplus of €56.7 billion in Q1 2021.

Intra-euro area trade rose to €636 billion in Q1 2022, up by 24.4 per cent compared with Q1 2021.

The first estimate for extra-EU exports of goods in March 2022 was €220.5 billion, up by 12.8 per cent compared with March 2021 (€195.5 billion). Imports from the rest of the world stood at €248.2 billion, up by 40.4 per cent compared with March 2021 (€176.8 billion).

As a result, the EU recorded a €27.7 billion deficit in trade in goods with the rest of the world in March this year compared with a surplus of €18.7 billion in March last year. Intra-EU trade rose to €368.7 billion in March 2022—up by 19.7 per cent compared with March 2021.

In Q1 2022, extra-EU exports of goods rose to €592.2 billion—an increase of 16.3 per cent compared with Q1 2021—and imports rose to €673.7 billion—an increase of 46.2 per cent compared with Q1 2021.

As a result, the EU recorded a deficit of €81.5 billion compared with a surplus of €48.5 billion in Q1 2021. Intra-EU trade rose to €990.3 billion in Q1 2022, a rise of 22.2 per cent compared with Q1 2021.

Fibre2Fashion News Desk (DS)