Euro area marks €34 bn international trade goods deficit in Jul 2022

The first estimate for euro area exports of goods to the rest of the world in July 2022 was €235.5 billion, an increase of 13.3 per cent compared with July 2021 (€207.8 bn), according to a report by the statistical office of the European Union (EU), Eurostat. Imports from the rest of the world stood at €269.5 bn, a rise of 44.0 per cent compared with July 2021 (€187.1 bn).

In January to July 2022, euro area exports of goods to the rest of the world rose to €1 628.5 bn (an increase of 17.9 per cent compared with January-July 2021), and imports rose to €1 805.9 bn (an increase of 43.4 per cent compared with January-July 2021). As a result, the euro area recorded a deficit of €177.4 bn, compared with a surplus of €121.3 bn in January-July 2021. Intra-euro area trade rose to €1 554.1 bn in January-July 2022, up by 26.1 per cent compared with January-July 2021.

The EU recorded a €42.3 bn deficit in trade in goods with the rest of the world in July 2022, compared with a surplus of €15.6 bn in July 2021. The first estimate for extra-EU exports of goods in July 2022 was €211.6 billion, up by 12.8 per cent compared with July 2021 (€187.6 bn). Imports from the rest of the world stood at €253.8 bn, up by 47.6 per cent compared with July 2021 (€172.0 bn). Intra-EU trade rose to €341.9 bn in July 2022, +21.8 per cent compared with July 2021.

In January to July 2022, extra-EU exports of goods rose to €1,449.7 bn (an increase of 17.2 per cent compared with January-July 2021), and imports rose to €1,693.9 bn (an increase of 48.9 per cent compared with January-July 2021). As a result, the EU recorded a deficit of €244.2 bn, compared with a surplus of €98.8 bn in January-July 2021. IntraEU trade rose to €2,407.8 bn in January-July 2022, +24.0 per cent compared with January-July 2021.

In July 2022, compared with July 2021, all the member states registered an increase in extra-EU exports except Malta (-1.2 per cent) and Ireland (-1.1 per cent). The highest increases were registered in Slovenia (+57.3 per cent) and Greece (+56.2 per cent).

With regard to the extra-EU imports, the picture is similar. In July 2022 compared to July 2021, all member states registered increases in extra-EU imports, except Latvia (-17.9 per cent) and Luxembourg (-9.1 per cent). The highest increases were observed in Cyprus (+101.8 per cent), Croatia (+98.4 per cent), and Bulgaria (+92.1 per cent), added the report.

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland.

The European Union (EU) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, and Sweden.

Fibre2Fashion News Desk (NB)