Wednesday, 25 March 2020
The European Union’s trade balance was positive in 2019, with exports exceeding imports by €197 billion, as against 152 billion the previous year, data published on Wednesday by the European Statistical Office, Eurostat, shows.
EU Member States trade mainly among themselves, with intra-EU trade amounting to 59% of the total. Trade with third-party states amounted to €2,132 billion last year, while imports totalled €1,935 billion. The Union’s three main partners were the United States, China and the United Kingdom.
Europe had positive a trade balance with the United States, which accounted for 18% of its exports and 12% of its imports, and with the United Kingdom (15% of exports and 10% of imports). However, its balance of trade was negative with China, which accounted for 9% of EU exports and 19% of imports.
The most traded commodities were transport equipment and machines, which made up 41% of total exports from the EU and 33% of imports. Other key commodities included manufactured goods (23% of EU exports and 24% of imports) and chemicals (19% of exports and 12% of imports). Energy’s share of exports was weak, 5%, but it made up 19% of imports.
At the national level, Belgium’s main export markets were Germany (18%), France (14%) and the Netherlands (12%) while the same countries were the main sources of its imports: Netherlands (17%), Germany (13%) and France (10%).
The Brussels Times