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Euro area international trade in goods surplus €9.4 bn

Christian Fernsby ▼ | July 18, 2020
In May 2020, the coronavirus containment measures widely introduced by the Member States continued to have a significant impact on international trade in goods.
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The first estimates for international trade in goods show that the results for both the euro area and the EU are considerably lower than those recorded in May 2019.

The first estimate for euro area exports of goods to the rest of the world in May 2020 was €143.3 billion, a decrease of 29.5% compared with May 2019 (€203.4 bn). Imports from the rest of the world stood at €133.9 bn, a fall of 26.7% compared with May 2019 (€182.7 bn).

As a result, the euro area recorded a €9.4 bn surplus in trade in goods with the rest of the world in May 2020, compared with +€20.7 bn in May 2019. Intra-euro area trade fell to €125.3 bn in May 2020, down by 27.9% compared with May 2019.

In January to May 2020, euro area exports of goods to the rest of the world fell to €845.8 bn (a decrease of 13.1% compared with January-May 2019), and imports fell to €779.7 bn (a decrease of 13.1% compared with JanuaryMay 2019).

As a result the euro area recorded a surplus of €66.1 bn, compared with +€76.5 bn in January-May 2019. Intra-euro area trade fell to €719.1 bn in January-May 2020, down by 14.7% compared with January-May 2019.

European Union

The first estimate for extra-EU exports of goods in May 2020 was €129.8 billion, down by 29.7% compared with May 2019 (€184.6 bn). Imports from the rest of the world stood at €122.6 bn, down by 26.2% compared with May 2019 (€166.1 bn).

As a result, the EU recorded a €7.1 bn surplus in trade in goods with the rest of the world in May 2020, compared with +€18.6 bn in May 2019. Intra-EU trade fell to €195.7 bn in May 2020, -27.3% compared with May 2019.

In January to May 2020, extra-EU exports of goods fell to €767.7 bn (a decrease of 12.9% compared with JanuaryMay 2019), and imports fell to €712.9 bn (a decrease of 12.7% compared with January-May 2019).

As a result, the EU recorded a surplus of €54.8 bn, compared with +€64.1 bn in January-May 2019. Intra-EU trade fell to €1 125.5 bn in January-May 2020, -13.8% compared with January-May 2019.

Annual comparison by Member State

In May 2020, compared with May 2019, exports of goods decreased for all Member States, except Cyprus (+0.6%) and Slovenia (+1.4%). The largest decreases were registered in France (-47.4%), Greece (-46.5%), Romania (-44.6%) and Portugal (-43.8%).

With regard to imports, the picture is similar. In May 2020 compared to May 2019, all Member States recorded significant drops, with the exception of Luxembourg (+12.8 %) and Malta (+36.7%). The highest overall falls were observed in Greece (-53%), Lithuania (- 49.3%), and Cyprus (-48.6%).

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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