EU exports and imports with the rest of the world decline

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Malta registered the smallest Extra-EU exports between January and April this year among the 27 members states. Data released by Eurostat shows that the country exported €0.4 billion to partners beyond EU borders, representing an increase of four percent over a year. Together with Luxembourg, Malta also had the smallest value of imports from outside the EU, totalling €0.7 billion.

Comprehensively, the EU27 recorded a trade surplus of €47.7 billion up from €46.9 billion in the same period in 2019. Extra-EU exports decreased by 8.3 percent to reach €638.2 billion while imports fell by nine percent, amounting to €590.5 billion.

Primary goods registered a trade deficit of €59.4 billion driven in the main by -€66 billion in the energy sector. The balance of trade for manufactured products ended with a surplus of €105.6 billion, down from €129.2 billion in the first four months last year. The highest surplus was registered in the chemicals category (+€64 bn) followed by the machinery and vehicles category (+€49 bn).

The United States remains the EU’s biggest export partner, receiving €120.9 billion from member states between January and April this year and closing at a trade surplus of €44 billion. The United Kingdom is the second-largest buyer, importing €91.1 billion to register a €33.1 billion trade surplus for the bloc. At the same time, however, exports to the former EU member fell by over 19 percent over a year. Exports to South Korea grew by seven percent to reach €15.2 billion by April 2020.

Most imports in the member states arrive from China, with which the EU recorded a €53.3 billion trade deficit in the period under review. Exports to China went down from €64.0 billion in 2019 to €60.4 billion this year. The biggest change in imports relations was observed in Russia, which exported nearly 27 percent less to the EU in 2020 than the previous year, to a total of €37.8 billion.

Trade of Balance with Norway and Turkey went from a deficit in January to April 2019 to a surplus a year later, closing at +€0.2 billion with the former and +€1.6 billion with the latter.

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