Economic Buzz: Eurozone International Trade In Goods Deficit

15 Jul 2022 , 01:27 PM

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. Powered by Commodity Insights