The figures show a trade surplus of 6.7 billion euros for the eurozone and a trade surplus of 1.4 billion euros for the EU
Cyprus recorded the largest increase in exports among EU member states in August 2023, compared to August 2022 (+55.2%), as well as the second largest increase in imports from countries outside the EU (+12 .4%), according to figures released by Eurostat, the EU's statistical office.
Overall, Eurostat figures show a trade surplus of 6.7 billion euros for the eurozone and a trade surplus of 1 .4 billion euros for the EU.
In particular, the first estimates show exports of goods from the eurozone countries to the rest of the world worth 221.6 billion euros in August 2023, indicating a decrease of 3.9% compared to August 2022 (when it stood at 230.6 billion euros). Imports from the rest of the world amounted to €214.9 billion, down 24.6% compared to August 2022 (€285.0 billion).
As a result of the above changes, the eurozone recorded a surplus of 6.7 billion euros in goods trade with the rest of the world in August 2023, while in August 2022 a deficit of 54.4 billion euros was recorded. Trade within the euro area fell to €189.3 billion in August 2023, down 13.2% compared to August 2022.
In the period between January and August 2023, exports of goods of the euro area to the rest of the world increased to €1,883.9 billion (up 1.5% compared to the same period in 2022) and imports decreased to €1,875.8 billion (down 10.6% compared to the same period in 2022).
As a result, the euro area recorded a surplus of €8.1 billion, against a deficit of €242.9 billion in the period between January and August 2022. Trade within the euro area fell to €1,772.3 billion in the same period in 2023, down 1.8% compared to the period from January to August 2022.
First estimates for exports of goods to non-EU countries in August 2023 recorded a value of €198.5 billion, down 4.1% compared to August 2022 (€206.9 billion). Imports from the rest of the world amounted to €197.1 billion, down 27.8% compared to August 2022 (€272.9 billion).
As a result, the EU recorded a surplus of 1 €.4 billion in goods trade with the rest of the world in August 2023, compared to a deficit of €66.0 billion in August 2022. Intra-EU trade fell to €302.1 billion in August 2023, -10.0% compared to August 2022.
In the period January – August 2023, exports of goods outside the EU increased to 1,690.7 billion euros (up 2.0% compared to the period January – August 2022) and imports decreased to 1,700.6 billion euros (decrease 13.6 % compared to the same period in 2022).
As a result, the EU recorded a deficit of €9.8 billion, down from a deficit of €311.4 billion in the period January to August 2022. Intra-EU trade fell to €2,749.4 billion in January-August 2023, down by 0.3% compared to the same period in 2022.
Annual comparison by Member State
In August 2023, compared to August 2022 , all Member States recorded a decrease in exports, except for five Member States.
The highest decreases were recorded in Greece (-24.5%), Estonia (-23.1%), Bulgaria ( -22.7%), Latvia (-22.3%), Lithuania (-21.8%) and Belgium (-21.3%).
The biggest increase was recorded in Cyprus (+55.2%).
As for non-EU imports, the picture was similar. In August 2023 compared to August 2022, the majority of Member States recorded a decrease, while three Member States recorded an increase in imports.
The highest decreases were observed in Belgium (-28.0%). Lithuania (-27.9%), Finland (-25.7%), Croatia (-24.6%), Latvia (-22.8%), Ireland (-21.6%) and Italy (-20.9%).
The highest increases were observed in Malta (16.5%) and Cyprus (+12.4%).
