April 3, 2023
1 min read

Highest-ever EU trade deficit recorded in 2022

The lowest share of intra-EU exports was reported in Cyprus (26 per cent of its total exports)…reports Asian Lite News

In 2022, the EU trade in goods balance registered a large deficit of Euro 432 billion, reaching its lowest level since the start of the time series in 2002.

The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022, according to Eurostat. Also in 2022, driven by increasing prices, extra-EU imports (+41 per cent) and exports (+18 per cent) reached their highest year-on-year growth rates recorded over the last ten years.

Data show that the EU’s internal market takes centre stage in EU countries’ trade of goods, although the proportion of intra-EU and extra-EU flows in total trade in goods varied considerably, reflecting, to some degree, historical ties and geographical location.

Among the EU members, the highest share of intra-EU imports was recorded in Luxembourg (90 per cent of its total imports), while the highest share of intra-EU exports was recorded in Czechia (82 per cent of its total exports).

On the other hand, the lowest share of intra-EU imports was recorded in Ireland (35 per cent of its total imports), which is mainly because its primary trade partner is the United Kingdom. Additionally, the lowest share of intra-EU exports was reported in Cyprus (26 per cent of its total exports).

In 2022, the Netherlands imported a large share of goods from extra-EU countries (only 39 per cent of its imports were intra-EU) and exported them within the EU (71 per cent of its exports were intra-EU). (ANI/WAM)

ALSO READ-Meet lone Indian woman entrepreneur at Forbes Summit

Previous Story

Finland’s right-wing opposition claims win in election

Next Story

ISRO’s Reusable Launch Vehicle aces autonomous test landing

Latest from -Top News

U.S. Raises Alarm for Americans in Pakistan

Earlier, the US Department of State had issued a travel advisory in March, also urging its citizens to “reconsider travel to Pakistan due to terrorism and the potential for armed conflict.”…reports Asian Lite

Khawaja Asif: Peace Only If India Backs Down

The Indian strikes and Islamabad’s retaliation has jolted locals who fear that it could potentially lead to a full-scale war between the two countries…reports Asian Lite Ndews Pakistan’s Defence Minister Khawaja Asif

India Rising, Pakistan Crumbling

Pakistan is on the verge of economic collapse and is surviving on IMF loans, with its forex reserves down to $15 billion…reports Asian Lite News While Pakistan has threatened to respond forcefully

Israel backs India’s ‘Operation Sindoor’

The military operation struck camps and logistical hubs linked to terror groups held responsible for orchestrating the Pahalgam attack…reports Asian Lite News Israel has voiced strong support for India’s right to defend
Go toTop

Don't Miss

Support to rejoin EU passes 50% for the first time

If a referendum on returning to the EU was organised

UK and EU reach post-Brexit customs deal

The Times quoted a senior British government source as saying