European external trade: return to normal
After a historic fall last year, the euro area's trade balance has stabilized.
In the first half of 2023, euro area countries exported more goods (€1.435 billion) than they imported from other countries in the world (€1.430 billion). The trade balance has therefore rebalanced, after a historical decline last year. A trade deficit of more than EUR 330 billion was recorded in 2022 (430 billion across the 27 EU member countries), due to the explosion in energy prices and the conflict in Ukraine.
At the beginning of 2023,Vehicles, chemicals, machinery, foodstuffsandbeveragesmanufactured in the EU were the main drivers of the increase. The decrease in the energy bill also contributed to the recovery in the trade balance.
Source(s): The Echoes
Editor(s): C. BEDOUIN