Euro area's exports of goods drop 4.7% in November 2023

The euro area achieved a trade surplus of €20.3 billion in goods with the rest of the world in November 2023, a stark contrast to the €13.8 billion deficit recorded in November 2022. Intra-euro area trade also experienced a decline, reaching €227.2 billion in November 2023, down by 9.4 per cent compared to the previous year.

In January to November 2023, euro area exports of goods to the rest of the world decreased to €2,621.3 billion, marking a 0.6 per cent decline compared to the same period in 2022. Imports followed a similar trend, falling to €2,571.7 billion, a significant 13.1 per cent decrease compared to January-November 2022. Consequently, the euro area recorded a surplus of €49.7 billion, a notable shift from the minus €323.7 billion deficit recorded during the same period in 2022. Intra-euro area trade for the first eleven months of 2023 also decreased, reaching €2,441.0 billion, down by 4.6 per cent compared to the previous year, as per Eurostat.

Meanwhile, the EU’s exports of goods to the rest of the world reached €225.5 billion in November 2023, a 5.1 per cent decrease compared to €237.6 billion in November 2022. Imports from the rest of the world amounted to €206.3 billion, marking a more substantial decline of 20.5 per cent compared to €259.5 billion in November 2022. Consequently, the EU recorded a trade surplus of €19.2 billion in November 2023, a significant shift from the €22.0 billion deficit reported in November 2022. Intra-EU trade within the EU also saw a decrease, reaching €358.5 billion in November 2023, down by 7.6 per cent compared to the previous year.

When looking at individual EU member states, November 2023 trade figures showed decreases in exports for all but four countries compared to November 2022. The largest decreases were recorded in Belgium (minus 20.6 per cent), Latvia (minus 18.8 per cent), Bulgaria (minus 18 per cent), and Lithuania (minus 17.2 per cent). In contrast, Cyprus experienced the highest increase in exports at 7.5 per cent.

Regarding imports, a similar trend emerged, with all EU member states, except Ireland (1.8 per cent), Cyprus (2.5 per cent), and Slovenia (7.8 per cent), reporting decreases in imports in November 2023 compared to November 2022. Hungary (minus 25 per cent) and Belgium (minus 22 per cent) registered the most significant decreases in imports.

Fibre2Fashion News Desk (DP)