EU exports increase 2.9 pct, imports drop 11.4 pct in Jan-July ’23

EU exports increase 2.9 pct, imports drop 11.4 pct in Jan-July ’23

Export from the European Union to the rest of the world, in the period of January to July 2023, rose to EUR 1. 49 trillion (USD 1.5 trillion), a 2.9 percent increase compared with January-July 2022, reported Eurostat on Friday.

According to figures released by the EU’s statistical office, imports to the EU from the rest of the world, for the same period, dropped by 11.4 percent to EUR 1. 50 trillion (USD 1.59 trillion). As a result, the EU recorded a deficit of EUR 10.2 billion (USD 10.8 billion).

In a similar manner, Euro area exports of goods from January to July 2023 to the rest of the world rose to EUR 1. 66 trillion (USD 1.77 trillion), an increase of 2.3 percent compared with the same period of last year.

Euro area imports from the rest of the world fell to EUR 1.66 trillion (USD 1.77 trillion) a decrease of 8.4 percent compared with January-July 2022, thus recording a surplus of EUR 2.7 billion (USD 2.87 billion).

The euro area consists of EU member states that have adopted the euro as their currency.

Source: Kuwait News Agency