Data from the Eurostat showed that in December the trade surplus fell to 16.8 billion euros from 20.3 billion euros in November. Economists had expected the surplus to rise to 21.5 billion euros. Exports of goods fell by 8.8% per annum, to 218.7 billion euros, while imports of goods decreased by 18.7% per annum, to 201.9 billion euros. Meanwhile, intra-euro area trade fell by 14.8% compared to December 2022, to 187.2 billion euros.
According to the report, from January to December, exports of goods fell by 1.2% per annum, to 2839.8 billion euros, and imports decreased by 13.5% per annum, to 2773.8 billion euros. As a result, the trade surplus amounted to 65.9 billion euros, compared to a deficit of 332.2 billion euros in January to December 2022. Intra-euro area trade fell to 2630.1 billion euros in January-December 2023, down by 5.4% compared with January-December 2022.
The data also showed that in January to December, extra-EU exports of goods fell by 0.7% per annum, to 2553.6 billion euros, and imports fell by 16.4% per annum, to 2512.8 billion euros. As a result, the EU recorded a surplus of 40.8 billion euros, compared with 434.6 billion euros in January to December 2022. Intra-EU trade fell to 4101.3 billion euros in January-December 2023, down by 3.6% compared with January- December 2022.