June 2023 sees 17.7% fall in euro area imports

18 Aug '23

3 min read

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Insights

In June 2023, euro area exports increased by 0.3 per cent to €252.3 billion, while imports fell by 17.7 per cent, recording a €23 billion surplus.
From January to June 2023, the euro area saw a 3.2 per cent rise in exports and a 7.3 per cent fall in imports, with a €5.3 billion surplus, as per the Eurostat.
Extra-EU trade recorded a €4.2 billion deficit.

The first estimate for euro area exports of goods to the rest of the world in June 2023 was €252.3 billion, an increase of 0.3 per cent compared with June 2022 at €251.5 billion. Imports from the rest of the world stood at €229.3 billion, a fall of 17.7 per cent compared with June 2022 at €278.5 billion.

The euro area recorded a €23 billion surplus in trade in goods with the rest of the world in June 2023, compared with a deficit of €27.1 billion in June 2022. Intra-euro area trade fell to €231.6 billion in June 2023, down by 4.1 per cent compared with June 2022, Eurostat said in a press release.

In January to June 2023, euro area exports of goods to the rest of the world rose to €1,434.9 billion—an increase of 3.2 per cent compared with January-June 2022, and imports fell to €1,429.6 billion—a decrease of 7.3 per cent compared with January-June 2022. As a result, the euro area recorded a surplus of €5.3 billion, compared with -€151.8 billion in January-June 2022. Intra-euro area trade rose to €1,369.2 billion in January-June 2023, up by 1.1 per cent compared with January-June 2022.

The first estimate for extra-European Union (EU) exports of goods in June 2023 was €225.9 billion, up by 0.4 per cent compared with June 2022 at €225.0 billion. Imports from the rest of the world stood at €201.2 billion, down by 22.6 per cent compared with June 2022 at €259.9 billion. As a result, the EU recorded a €24.6 billion surplus in trade in goods with the rest of the world in June 2023, compared with a deficit of €34.9 billion in June 2022. Intra-EU trade fell to €358.7 billion in June 2023, -3.0 per cent compared with June 2022.

In January to June 2023, extra-EU exports of goods rose to €1,286.1 billion—an increase of 3.9 per cent compared with January-June 2022, and imports fell to €1,290.4 billion—a decrease of 10.4 per cent compared with January-June 2022. As a result, the EU recorded a deficit of €4.2 billion, compared with -€201.3 billion in January-June 2022. Intra-EU trade rose to €2,120.1 billion in January-June 2023, a 2.1 per cent rise compared with January-June 2022.

In June 2023, compared with June 2022, 11 member states registered increases in exports, while the other 16 registered decreases. The highest increases were registered in Malta at 13.2 per cent and Ireland at 11.7 per cent. The highest decreases were observed in Greece at -24.5 per cent, Belgium at -16.8 per cent, Bulgaria at -15.6 per cent, and Finland at -15.4 per cent.

As regards EU imports, all members states registered decreases, with the exception of Austria, which registered a slight increase. The highest decreases were observed in Malta at -24.5 per cent, Bulgaria at -22.6 per cent, Greece at -21.1 per cent, and Finland at -20.2.

Fibre2Fashion News Desk (NB)

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