18.Jul .2022 21:00

EU international trade in goods deficit €35.0 bn

EU international trade in goods deficit €35.0 bn
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The first estimate for euro area exports of goods to the rest of the world in May 2022 was €248.5 billion, an increase of 28.9% compared with May 2021 (€192.8 bn). Imports from the rest of the world stood at €274.8 bn, a rise of 52.0% compared with May 2021 (€180.8 bn). As a result, the euro area recorded a €26.3 bn deficit in trade in goods with the rest of the world in May 2022, compared with a surplus of €12.0 bn in May 2021. Intra-euro area trade rose to €231.6 bn in May 2022, up by 33.0% compared with May 2021.

In January to May 2022, euro area exports of goods to the rest of the world rose to €1 140.2 bn (an increase of 18.4% compared with January-May 2021), and imports rose to €1 253.2 bn (an increase of 42.5% compared with January-May 2021). As a result the euro area recorded a deficit of €113.0 bn, compared with a surplus of €83.7 bn in January-May 2021. Intra-euro area trade rose to €1 086.2 bn in January-May 2022, up by 26.1% compared with January-May 2021, Eurostat reports.

The first estimate for extra-EU exports of goods in May 2022 was €221.2 billion, up by 28.3% compared with May 2021 (€172.4 bn). Imports from the rest of the world stood at €256.2 bn, up by 55.7% compared with May 2021 (€164.5 bn). As a result, the EU recorded a €35.0 bn deficit in trade in goods with the rest of the world in May 2022, compared with a surplus of €8.0 bn in May 2021. Intra-EU trade rose to €359.2 bn in May 2022, +30.7% compared with May 2021.

In January to May 2022, extra-EU exports of goods rose to €1 012.3 bn (an increase of 17.6% compared with January-May 2021), and imports rose to €1 175.6 bn (an increase of 48.5% compared with January-May 2021). As a result, the EU recorded a deficit of €163.3 bn, compared with a surplus of €69.4 bn in January-May 2021. IntraEU trade rose to €1 688.6 bn in January-May 2022, +23.9% compared with January-May 2021.

In the first five months of 2022, the highest increases were recorded in the imports and, with a lower value, exports of energy, leading to a significant increase in the EU trade deficit in energy (-€234,3 bn in January-May 2022 compared with -€85.7 bn in January-May 2021).

In the first five months of 2022, compared to the same period in 2021, the exports of goods to the United States recorded the highest increase (+29.6%), related mainly to the chemicals, and machinery and vehicles. In the same period, the imports from Norway recorded the highest increase of (+146.9%), related mainly to energy goods.

In Mai 2022, compared with Mai 2021, all Member States registered large increases in extra-EU exports except Lithuania (-3.1%). The highest increases were registered in Cyprus (+102.7%), Slovenia (+75.8%) and Portugal (+62.8%).

With regard to the extra-EU imports, the picture is similar. In May 2022, compared to May 2021, all Member States registered increases in extra-EU imports, except Luxembourg (-35.2%). The highest increases were observed in Cyprus (+172.7%) and Finland (+104.1%).