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Extra-EU trade of raw materials tripled since 2002: Eurostat

02 May '22

2 min read

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The value of total trade (import plus exports) of raw materials between the European Union (EU) and the rest of the world in 2021 reached €178 billion. As exports (€71.3 billion) were lower than imports (€106.8 billion), this resulted in a trade deficit of €35.5 billion, according to Eurostat, the EU’s statistics agency. Between 2002 and 2021, EU trade in raw materials almost tripled, equivalent to average annual growth of 5.6 per cent.

In this period, exports (6.5 per cent) grew faster than imports (5 per cent).

The most commonly exported raw materials in 2021 included paper and textiles (33 per cent). In imports, metals, minerals and rubber (56 per cent) were also the most traded raw materials, followed by animal and vegetable raw materials (30 per cent), and by wood, paper and textiles (14 per cent).

China was the main export destination of raw materials, accounting for 16 per cent of all extra-EU exports in 2021, followed by the United Kingdom (15 per cent), Turkey and the United States (both 10 per cent). These top four export partners accounted for about half of all extra-EU exports.

In terms of extra-EU imports, Brazil (12 per cent) and the United States (11 per cent) were the main partners, followed by Ukraine and Russia (both 7 per cent). The top four combined made up 37 per cent of all extra-EU imports.

Fibre2Fashion News Desk (DS)

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