Euro top currency for EU exports, U.S. dollar more popular for imports
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    Euro top currency for EU exports, U.S. dollar more popular for imports

    © Belga
    © Belga

    The euro was the currency most used for exports from the EU in 2018, the European statistical office, Eurostat, reported on Monday, but the U.S. dollar was used more to pay for imports. The European Union’s official currency was used for 48% of the total goods exported to third countries, while 35% were billed in U.S. dollars.  For imports, the opposite trend was observed: 56% of goods were paid for in dollars and 35% in euros.

    When exports and imports are added together, the U.S. dollar was slightly ahead of the euro: 45% versus 41%.

    For trade outside the Union, the share of the euro was 4.5 percentage points (pp) less than in 2010, while the U.S. dollar’s share was 3.2 pp higher.

    In the case of imports, the share of the European currency was 2.2 pp less, while the U.S. currency’s share was 1.2 pp more than in 2010.

    The euro is the main currency for billing raw materials except for oil, which is charged mainly in U.S. dollars, particularly for imports.

    In Belgium’s case, 41% of extra-EU imports were paid for in euros and 52% in U.S. dollars, while 37% of exports outside the EU were quoted in euros and 51% in U.S. dollars.

    Oscar Schneider
    The Brussels Times