According to Eurostat, the European Union (EU) experienced a €20.7 billion goods trade deficit with the rest of the world in November 2022 as opposed to a negative €10.7 billion in November 2021. The initial estimate for products exported outside the EU in November 2022 was €237.3 billion, up 17.7% from €201.6 billion in November 2021.
Imports into the EU from the rest of the world totaled €258 billion, an increase of 21.5% from November 2021 ($212.3 billion).
The initial estimate of products exported from the euro area to the rest of the world in November 2022 was €264.7 billion, up 17.2% from the same month last year (€225.9 billion). In comparison to November 2021 (€229.8 billion), imports from the rest of the world totaled €276.3 billion, a gain of 20.2%. As a result, the euro area’s goods trade deficit with the rest of the world increased to €11.7 billion in November 2022 from €3.9 billion in the same month the previous year. According to Eurostat, intra-euro area trade increased to €241.5 billion in November 2022, up 16.8% from November 2021.
Extra-EU exports of products increased to €2 352.8 billion in January–November 2022, up 18.7% from January–November 2021, and imports increased to €2 771.1 billion (an increase of 44.8 per cent compared with January-November 2021). Due to this, the EU had a deficit of €418.4 billion as opposed to a surplus of €69.5 billion from January to November of 2021. In January to November 2022, intra-EU commerce increased to €3 889.3 billion, a 23.8% year-over-year increase (YoY).
Exports of goods from the euro area to the rest of the world increased to €2 638.4 billion (an rise of 18.9% YoY) from January to November 2022, while imports increased to €2 943.4 billion (an increase of 40.5 per cent compared with January-November 2021). The result was a deficit of €305.1 billion for the euro area, as opposed to a surplus of €125 billion for the period of January to November 2021. In the period from January to November 2022, intra-euro area trade increased by 25.5% YoY to €2 506.7 billion.
All of the member states saw gains in exports to countries outside the European Union in November 2022 compared to November 2021, with the exception of Estonia (minus 13.2%) and Cyprus (minus 10.6 per cent). The countries with the largest increases were Slovenia (61.1%), Bulgaria (53.4%), and Malta (50.6 per cent).
All member states had rises in imports from outside the EU, with the exception of Estonia (minus 14.9%), Cyprus (minus 13.8%), and Latvia (minus 2.1%), who saw decreases. The countries with the largest increases were Hungary (74%), and Greece (40.9 per cent).
