INSIGHTS
- In March 2023, exports of the euro area increased by 7.5% to €269.2 billion while imports decreased by 10% to €243.6 billion, creating a trade surplus of €25.6 billion.
- Exports increased 8.5% to €724.5 billion in Q1 2023, while imports were unchanged.
- Compared to the €29.1 billion deficit in March 2022, the EU experienced a trade surplus of €24.7 billion in March 2023.
The preliminary estimate from Eurostat shows that exports of products from the euro area to the rest of the world increased by 7.5% to €269.2 billion in March 2023 compared to March 2022. However, over the same time period, imports decreased by 10% to €243.6 billion. As a consequence, the euro area had a €25.6 billion surplus in March 2023 compared to a €20 billion deficit in March 2022 in terms of goods trade with the rest of the world. Additionally, intra-euro area commerce increased slightly by 0.6% to €246.4 billion.
Exports in the euro area increased by 8.5% to €724.5 billion in the first quarter of 2023, while imports were nearly flat at €727.1 billion from the same quarter in 2022. As a result, the euro area’s deficit decreased to €2.6 billion from €59.7 billion in Q1 2022. Trade inside the eurozone increased by 6.9% to €698.3 billion.
Regarding the larger EU, imports fell by 13.2% to €217.5 billion in March 2023 compared to March 2022, while extra-EU exports of products climbed by 9.4% to €242.2 billion. Thus, as opposed to a €29.1 billion deficit in March 2022, the EU reported a €24.7 billion trade surplus with the rest of the world. According to Eurostat, intra-EU commerce increased by 1.7% to €382.5 billion.
