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Euro area international trade in goods surplus €27.9 bn

Christian Fernsby |
In July 2020, the coronavirus containment measures widely introduced by the Member States continued to have a noticeable impact on international trade in goods.

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Topics: EURO   

The first estimate for euro area (EA19) exports of goods to the rest of the world was €185.2 billion, a decrease of 10.4% compared with July 2019 (€206.7 bn). Imports from the rest of the world stood at €157.3 bn, a fall of 14.3% compared with July 2019 (€183.5 bn).

As a result, the euro area recorded a €27.9 bn surplus in trade in goods with the rest of the world in July 2020, compared with +€23.2 bn in July 2019. Intra-euro area trade fell to €153.7 bn in July 2020, down by 8.6% compared with July 2019.

In January to July 2020, euro area exports of goods to the rest of the world fell to €1 199.6 bn (a decrease of 12.4% compared with January-July 2019), and imports fell to €1 086.6 bn (a decrease of 13.1% compared with January-July 2019).

As a result the euro area recorded a surplus of €113.0 bn, compared with +€119.3 bn in January-July 2019. Intra-euro area trade fell to €1 021.8 bn in January-July 2020, down by 13,0% compared with January-July 2019.

European Union

The first estimate for extra-EU exports of goods in July 2020 was €168.5 billion, down by 11.3% compared with July 2019 (€189.9 bn). Imports from the rest of the world stood at €142.6 bn, down by 16.0% compared with July 2019 (€169.7 bn).

As a result, the EU recorded a €25.8 bn surplus in trade in goods with the rest of the world in July 2020, compared with +€20.2 bn in July 2019. Intra-EU trade fell to €239.2 bn in July 2020, -7.4% compared with July 2019.

In January to July 2020, extra-EU exports of goods fell to €1 089.7 bn (a decrease of 12.2% compared with January-July 2019), and imports fell to €990.0 bn (a decrease of 13.1% compared with January-July 2019).

As a result, the EU recorded a surplus of €99.7 bn, compared with +€101.8 bn in January-July 2019. Intra-EU trade fell to €1 599.5 bn in January-July 2020, -11.9% compared with January-July 2019.

In the first seven months of 2020, China overtook US as main partner for the EU. This result was due to an increase of imports (+4.9%) combined with a slight drop of exports (-1.8%), while trade with the US recorded a significant drop in both imports (-11.7%) and exports (-9.9%).

Annual comparison by Member State

The impact of Covid outbreak continues to be visible in the annual comparison. In July 2020, compared with July 2019, exports of goods decreased for all Member States, except Malta (+16.1%), Slovenia (+10.6%), Estonia (+9.4%) and Slovakia (+8.8%). The largest decreases were registered in Greece (-23.8%), Finland (-19.6%), France (-19.5%) and Croatia (-19.2%).

With regard to imports, in July 2020 compared to July 2019, all Member States recorded significant drops, except Ireland (+2.7%). The highest overall falls were observed in Cyprus (-32.7%), Austria (-31.3%) and Portugal (-30.1%).

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.


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