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Looking at the first five months of 2023, there was a positive shift in the trade deficit. From January to May 2023, extra-EU exports of goods rose to €1,058.9 billion, an increase of 4.5 per cent compared to the same period in 2022. Concurrently, imports fell by 7.8 per cent to €1,087.4 billion. Consequently, the EU’s trade deficit narrowed to €28.5 billion from January-May 2023, compared with a deficit of €166.4 billion in the same period in 2022.
May 2023 saw a drop in EU’s goods exports to €216.9 billion, a 1.9 per cent decrease YoY, while imports fell by 15.6 per cent.
This resulted in a reduced trade deficit of €1.3 billion.
Jan-May 2023 period also witnessed a lower trade deficit of €28.5 billion.
Notably, export growth was seen in eight member states with the highest in Romania at 7.9 per cent.
The Euro area also recorded a similar pattern in trade. Exports to the rest of the world in May 2023 decreased by 2.3 per cent compared to May 2022, while imports fell by 12.8 per cent. This led to a modest trade deficit of €0.3 billion in May 2023, compared to a €30.3 billion deficit in May 2022. In the January-May 2023 period, the Euro area recorded a deficit of €17.6 billion, a significant reduction from the €124.7 billion deficit in the same period in 2022, as per Eurostat.
In May 2023, compared to May 2022, eight member states registered increases in exports, with the largest increases recorded in Romania (7.9 per cent), Denmark (6.7 per cent), Hungary (5.3 per cent) and France (4.8 per cent). Conversely, Belgium, Cyprus, Greece, and Estonia experienced the highest decreases in exports. As for imports, Slovenia and Romania recorded slight increases in May 2023 compared to May 2022, while all other member states registered significant decreases, mainly due to the reduced impact of energy product imports.
Fibre2Fashion News Desk (DP)
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