EU's international trade deficit in goods reaches €20.7 bn in Nov '22

EU’s imports from the rest of the world stood at €258 billion, up by 21.5 per cent compared with November 2021 (€212.3 billion).

The first estimate for euro area’s exports of goods to the rest of the world in November 2022 was €264.7 billion, an increase of 17.2 per cent year-on-year (€225.9 billion). Imports from the rest of the world stood at €276.3 billion, a rise of 20.2 per cent compared with November 2021 (€229.8 billion). As a result, the euro area recorded a €11.7 billion deficit in trade in goods with the rest of the world in November 2022, compared with a deficit of €3.9 billion in the corresponding period of the previous year. Intra-euro area trade rose to €241.5 billion in November 2022, up by 16.8 per cent compared with November 2021, as per Eurostat.

In January to November 2022, extra-EU exports of goods rose to €2 352.8 billion (an increase of 18.7 per cent compared with January-November 2021), and imports rose to €2 771.1 billion (an increase of 44.8 per cent compared with January-November 2021). As a result, the EU recorded a deficit of €418.4 billion, compared with a surplus of €69.5 billion in January-November 2021. Intra-EU trade rose to €3 889.3 billion in January-November 2022, up by 23.8 per cent year-on-year (YoY).

In January to November 2022, euro area exports of goods to the rest of the world rose to €2 638.4 billion (an increase of 18.9 per cent YoY), and imports rose to €2 943.4 billion (an increase of 40.5 per cent compared with January-November 2021). As a result, the euro area recorded a deficit of €305.1 billion, compared with a surplus of €125 billion in January-November 2021. Intra-euro area trade rose to €2 506.7 billion in January-November 2022, up by 25.5 per cent YoY.

In November 2022, compared with November 2021, all the member states registered increases in extra-EU exports except Estonia (minus 13.2 per cent), and Cyprus (minus 10.6 per cent). The highest increases were registered in Slovenia (61.1 per cent), Bulgaria (53.4 per cent), and Malta (50.6 per cent).

With regard to the extra-EU imports, all member states registered increases, except Estonia (minus 14.9 per cent), Cyprus (minus 13.8 per cent), and Latvia (minus 2.1 per cent) who registered a decrease. The highest increases were observed in Hungary (74 per cent) and Greece (40.9 per cent).

Fibre2Fashion News Desk (DP)