The Euro Area

Eurostat, the statistical office of the European Union noted that, “the first estimate for euro area (EA19) exports of goods to the rest of the world in February 2020 was €189.3 billion, an increase of 1.6% compared with February 2019 (€186.3 bn).” In comparison to February 2019, imports from the rest of the world stood at €166.3 bn, a decline by 1.0% to €167.9 bn. Consequently, surplus in the trade in goods with the rest of the world was recorded at €23.0 bn in the euro area compared with €18.5 bn in February 2019. The report also mentioned that in February 2020, there was a decrease in the intra-euro area, as trade declined to €161.5 bn. This reflects a 0.6% decrease from that in February 2019.

Moreover, euro area exports of goods to the rest of the world climbed to €373.2 bn, a 0.9% increase relative to January-February 2019, and imports decreased to €348.4 bn, a decline of 0.7% compared with January-February 2019. As such, euro area experienced a surplus in the trade in goods of €24.8 bn in the euro area compared with €19.1 bn in January-February 2019. However, in the intra-euro area, trade declined to €326.4 bn down by 0.9% compared with January- February 2019.

European Union

In February 2020, the first estimate for extra-EU exports of goods amounted to €170.7 billion, a 1.0% increase compared with February 2019 (€169.0 bn). Imports from the rest of the world was €148.3 bn, a 2.8% decline compared with February 2019 (€152.5 bn). As a result, Eurostat stated, “the EU recorded a €22.4 bn surplus in trade in goods with the rest of the world in February 2020, compared with +€16.4 bn in February 2019. Intra-EU trade rose to €253.3 bn in February 2020, +1.0% compared with February 2019.”

Additionally, in January to February 2020, extra-EU exports of goods increased to €337.0 bn up by 0.7% compared with January-February 2019, whereas, imports declined to €316.8 bn, a decrease of 1.6% relative to January-February 2019. As a result, the EU experienced a surplus of €20.2 bn, compared with +€13.0 bn in January-February 2019. In January-February 2020 intra-EU trade climbed to €510.2 bn, +0.4% compared with January-February 2019.