EU's international trade deficit in goods at €34.6 bn in Jan 2023

Imports from the rest of the world stood at €233.3 billion, up by 7 per cent compared to €218.1 billion in January 2022. Intra-EU trade rose to €345.7 billion in January 2023, up 12.1 per cent compared with January 2022.

The first estimate for euro area exports of goods to the rest of the world in January 2023 was €222.9 billion, an increase of 11 per cent, compared to €200.8 billion in January 2022. Imports from the rest of the world stood at €253.5 billion, a rise of 9.7 per cent compared to €231.1 billion in January 2022. As a result, the euro area recorded a €30.6 billion deficit in trade in goods with the rest of the world in January 2023, compared to €30.2 billion in January 2022. Intra-euro area trade rose to €223.8 billion in January 2023, up by 11.6 per cent compared to January 2022.

In January to December 2022, extra-EU exports of goods rose to €2,572.3 billion, an increase of 17.9 per cent compared to January-December 2021, and imports rose to €3,004.4 billion, an increase of 41.3 per cent compared to January-December 2021. As a result, the EU recorded a deficit of €432.1 billion, compared to a surplus of €55 billion in January-December 2021. Intra-EU trade rose to €4,227.3 billion in January-December 2022, up 22.8 per cent compared to January-December 2021.

Euro area’s exports of goods to the rest of the world in January to December 2022 rose to €2,868.4 billion, an increase of 18 per cent compared to January-December 2021, and imports rose to €3,201.9 billion, an increase of 37.7 per cent compared with January-December 2021. As a result, the euro area recorded a deficit of €333.5 billion, compared to a surplus of €105.3 billion in January-December 2021. Intra-euro area trade rose to €2,764.3 billion in January-December 2022, up by 24.7 per cent compared to January-December 2021.

The majority of EU members states registered increases in January 2023 compared to January 2022, while nine member states registered decreases in extra-EU imports. The highest increases were observed in Cyprus (439.9 per cent), Malta (84.6 per cent) and Slovenia (43.3), while the highest decreases were observed in Estonia (minus 29.5 per cent), Luxembourg (minus 20.4 per cent) and Latvia (minus 19.7 per cent).

In January 2023, compared with January 2022, all the member states registered increases in extra-EU exports except Estonia (minus 18.1 per cent), Ireland (minus 11.9 per cent), Malta (minus 6.1 per cent) and Romania (minus 1.3 per cent). The highest increases were registered in Slovenia (63.2 per cent) and Cyprus (61.8 per cent).

Fibre2Fashion News Desk (DP)