Imports from the rest of the world also fell sharply by 18.7 per cent to €201.9 billion, down from €248.3 billion in the same period the previous year. This resulted in the euro area recording a trade surplus of €16.8 billion in goods with the rest of the world in December 2023, a notable improvement from a deficit of €8.5 billion in December 2022. Additionally, intra-euro area trade declined to €187.2 billion in December 2023, marking a 14.8 per cent decrease from December 2022.

Over the full year from January to December 2023, the euro area's exports to the rest of the world decreased slightly by 1.2 per cent to €2,839.8 billion, while imports saw a more significant reduction of 13.5 per cent to €2,773.8 billion. Consequently, the euro area achieved a surplus of €65.9 billion, in stark contrast to the €332.2 billion deficit recorded in the same period of 2022. Intra-euro area trade also experienced a downturn, falling 5.4 per cent to €2,630.1 billion in 2023, as per Eurostat.

The broader EU mirrored this trend, with extra-EU exports of goods in December 2023 dropping by 9.1 per cent to €200.1 billion, and imports from the rest of the world decreasing by 20.3 per cent to €184.5 billion, leading to a trade surplus of €15.7 billion. This marks a reversal from the €11.5 billion deficit seen in December 2022. Throughout 2023, extra-EU exports slightly decreased by 0.7 per cent to €2,553.6 billion, and imports declined by 16.4 per cent to €2,512.8 billion, resulting in a surplus of €40.8 billion compared to the previous year's €434.6 billion. Intra-EU trade fell by 3.6 per cent to €4,101.3 billion in 2023.

December 2023 saw nearly all EU member states registering decreases in exports, with the most significant drops observed in Cyprus (down 55.5 per cent), Belgium (down 23.2 per cent), and Estonia (down 21.9 per cent), except for a marginal increase in Portugal (0.3 per cent). Import figures also declined across the board, except for Denmark, which saw a slight increase of 0.7 per cent. The largest decreases in imports were noted in Lithuania (down 30.1 per cent), Estonia (down 26.5 per cent), and Latvia (down 21.3 per cent).

Fibre2Fashion News Desk (DP)