The first projection for goods exports from the euro area to the rest of the world in December 2022 was €238.7 billion, up 9.0% over the previous year (YoY). According to Eurostat, imports from the rest of the world were €247.5 billion, an increase of 8.7% YoY. As a result, the euro area’s goods trade deficit with the rest of the world in December 2022 was the same as it was in December 2021: €8.8 billion. In December 2022, intra-euro area trade increased to €212.8 billion, a 9.4% YoY increase.
Exports of goods from the euro area to the rest of the world reached €2,877.8 billion (an increase of 18.0%) from January to December 2022. against January through December 2021), and imports increased to €3,192.5 billion (an increase of 37.5 per cent compared with January-December 2021). The result was a deficit of €314.7 billion for the euro area, as opposed to a surplus of €116.4 billion for the period of January to December 2021. The intra-euro area commerce increased to €2,726.4 billion in January-December 2022, up 24.4% from January-December 2021, according to a press release from the statistical office of the European Union (EU), Eurostat.
The initial estimate for products exported outside the EU in December 2022 was €218.7 billion, an increase of 10.3% from December 2021 ($198.2 billion). At €230.8 billion, imports from the rest of the world increased 8.5% from December 2021 ($212.8 billion). Hence, the EU had a -€14.6 billion deficit in December 2021 compared to a -€12.1 billion deficit in December 2022 in goods trade with the rest of the world. In December 2022, intra-EU commerce increased to €326.7 billion, an 8.5% increase from December 2021.
Extra-EU exports of products increased to €2,572.0 billion in January–December 2022 (up 17.9% from January–December 2021), while imports increased to €3,003.2 billion (an increase of 41.3 per cent compared with January-December 2021). The EU consequently had a deficit of €431.2 billion as opposed to a surplus of €55.1 billion from January to December 2021. Over the period of January through December 2022, intra-EU commerce increased by 22.7% to €4,225.2 billion.
As of December Except for Estonia (-31.4%), Belgium (-4.2%), Malta (-3.5%), and Slovakia, all the member states saw increases in exports outside the EU in 2022 compared to December 2021. (-3.3 per cent). According to the publication, Slovenia (47.5%) and Cyprus (90.1%) experienced the largest increases.
The situation is identical when it comes to imports from outside of the EU. All member states saw an increase in imports from outside the EU in December 2022 compared to December 2021, with the exception of six. The countries with the largest rises were Lithuania (32.1%), Croatia (38.9%), and Latvia (103.7%), whereas the countries with the highest decreases were Finland (-15.1%) and Estonia (-39.3 per cent).
