April 19, 2021
The Euro Area
Eurostat, the statistical office of the European Union noted that, “the first estimate for euro area exports of goods to the rest of the world in February 2021 was €178.6 billion, a decrease of 5.5% compared with February 2020 (€188.9 bn).” In comparison to February 2020, imports from the rest of the world stood at €161.0 bn, a decline by 2.7% to €165.4 bn. Consequently, surplus in the trade in goods with the rest of the world was recorded at €17.7 bn in the euro area compared with +€23.4 bn in February 2020. The report also mentioned that in February 2021, there was an increase in the intra-euro area trade to €164.8 bn. This reflects a 1.7% increase relative to February 2020.
Moreover, euro area exports of goods to the rest of the world declined to €346.2 bn, a 7.2% decrease relative to January-February 2020, and imports decreased to €317.5 bn, a decline of 8.7% compared with January-February 2020. As such, euro area experienced a surplus in the trade in goods of €28.7 bn in the euro area compared with €25.0 bn in January-February 2020. However, intra-euro area trade declined to €319.2 bn down by 2.7% compared with January- February 2020.
In February 2021, the first estimate for extra-EU exports of goods amounted to €164.7 billion, a 3.6% decrease compared with February 2020 (€170.8 bn). Imports from the rest of the world was €143.6 bn, a 3.0% decline compared with February 2020 (€148.1 bn). As a result, Eurostat stated, “the EU recorded a €21.1 bn surplus in trade in goods with the rest of the world in February 2021, compared with +€22.7 bn in February 2020. Intra-EU trade remained almost unchanged at €254.2 bn in February 2021 compared with February 2020.”
Additionally, in January to February 2021, extra-EU exports of goods decreased to €313.5 bn down by 6.9% compared with January-February 2020, whereas, imports declined to €283.7 bn, a decrease of 10.3% relative to January-February 2020. As a result, the EU experienced a surplus of €29.7 bn, compared with +€20.5 bn in January-February 2020. In January-February 2021 intra-EU trade decreased to €498.7 bn, -2.9% compared with January-February 2020.
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