The European Statistical Office (Eurostat) has released the March international trade data of the EU and the Eurozone.
According to the data, EU exports increased by 9.4 percent in March compared to the same period of the previous year to 242.2 billion euros, while imports decreased by 13.2 percent to 217.5 billion euros. The EU’s foreign trade surplus was set at 24.7 billion euros in March.
In the Eurozone, exports increased by 7.5 percent to 269.2 billion euros in March compared to the same period of 2022, while imports decreased by 10 percent to 243.6 billion euros. Thus, the trade surplus of the Eurozone was recorded as 25.6 billion euros in March.
In the said period, the countries that imported the most from EU countries were the USA with 47.2 billion euros, the UK with 32 billion euros, China with 20.4 billion euros, Switzerland with 18.2 billion euros and Turkey with 10.9 billion euros.
The countries that export the most to EU countries are China with 42.1 billion euros, the USA with 30.9 billion euros, the UK with 16 billion euros, Switzerland with 12.2 billion euros, Norway with 11 billion euros and 8.3 billion euros. It was Turkey.
On the other hand, the EU ran a monthly trade deficit from July 2021 to February 2023, mainly due to rising energy costs.
Eurozone economy grew 0.1 percent in the first quarter
The European Statistical Office (Eurostat) has updated the leading data on the growth rates of the European Union (EU) and Eurozone in the first quarter of 2023.
According to the data, the seasonally adjusted Gross Domestic Product (GDP) in the 20-member Eurozone increased by 0.1 percent in the first quarter of 2023 compared to the previous quarter.
In the Euro Area, GDP increased by 1.3 percent in the first quarter of the year compared to the same period of the previous year.
Market expectations were for the economy to grow by 0.1 percent on a quarterly basis and by 1.3 percent on an annual basis.
Seasonally adjusted GDP in the EU increased by 0.2 percent in the first quarter compared to the previous quarter and by 1.2 percent compared to the same period of the previous year.
In the first quarter, compared to the previous quarter, GDP decreased by 3 percent in Lithuania, 2.7 percent in Ireland, 0.7 percent in the Netherlands and 0.3 percent in Austria. GDP, which remained stable in Germany, increased by 0.2 percent in France and 0.5 percent in Italy and Spain.
Compared to the same period of the previous year, GDP decreased by 3.6 percent in Lithuania, 1.1 percent in Hungary, 0.2 percent in Czechia and 0.1 percent in Germany, while it decreased by 0.8 percent in France and 0.8 percent in Italy. increased by 1.8 percent and 3.8 percent in Spain.