The first estimate for euro area exports of goods to the rest of the world in March 2022 was €250.1 billion, an increase of 14.0% compared with March 2021 (€219.3 bn). Imports from the rest of the world stood at €266.5 bn, a rise of 35.4% compared with March 2021 (€196.8 bn), driven again, in particular, by a further increase in energy imports. As a result, the euro area recorded a €16.4 bn deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of €22.5 bn in March 2021. Intra-euro area trade rose to €236.8 bn in March 2022, up by 21.2% compared with March 2021, Eurostat says. 

In January to March 2022, euro area exports of goods to the rest of the world rose to €666.7 bn (an increase of 16.6% compared with January-March 2021), and imports rose to €719.1 bn (an increase of 39.7% compared with January-March 2021). As a result, the euro area recorded a deficit of €-52.4 bn, compared with a surplus of €56.7 bn in January-March 2021. Intra-euro area trade rose to €636.0 bn in January-March 2022, up by 24.4% compared with January-March 2021.

The first estimate for extra-EU exports of goods in March 2022 was €220.5 billion, up by 12.8% compared with March 2021 (€195.5 bn). Imports from the rest of the world stood at €248.2 bn, up by 40.4% compared with March 2021 (€176.8 bn). As a result, the EU recorded a €27.7 bn deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of €18.7 bn in March 2021. Intra-EU trade rose to €368.7 bn in March 2022, +19.7% compared with March 2021.

In January to March 2022, extra-EU exports of goods rose to €592.2 bn (an increase of 16.3% compared with January-March 2021), and imports rose to €673.7 bn (an increase of 46.2% compared with January-March 2021). As a result, the EU recorded a deficit of €81.5 bn, compared with a surplus of €48.5 bn in January-March 2021. Intra-EU trade rose to €990.3 bn in January-March 2022, +22.2% compared with January-March 2021.

In the first three 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 (-€128.7 bn in January- March 2022 compared with -€48.0 bn in January- March 2021).