Euro area international trade in goods surplus €25.8 bn, €25.3 bn surplus for EU, for November 2020

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The first estimate for euro area exports of goods to the rest of the world in November 2020 was €196.7 billion, compared with November 2019 (€198.6 bn), this is a decrease of 1.0% but it nevertheless indicates a return to pre-COVID levels, according to data published today by Eurostat, the statistical service of the EU.

According to Eurostat, imports from the rest of the world stood at €170.9 bn, a fall of 4.2% compared with November 2019 (€178.4 bn).

As a result, the euro area recorded a €25.8 bn surplus in trade in goods with the rest of the world in November 2020, compared with +€20.2 bn in November 2019. Intra-euro area trade fell to €165.4 bn in November 2020, down by 1.3% compared with November 2019.

In January to November 2020, euro area exports of goods to the rest of the world stood at €1 941.3 bn (a decrease of 10.2% compared with January-November 2019), while imports amounted to €1 735.8 bn (a decrease of 11.6% compared with January-November 2019). As a result the euro area recorded a surplus of €205.4 bn, compared with +€198.4 bn in January-November 2019. Intra-euro area trade fell to €1 647.4 bn in January to November 2020, down by 9.7% compared with January-November 2019.

The first estimate for extra-EU exports of goods in November 2020 was €176.6 billion, down by 1.5% compared with November 2019 (€179.3 bn). Imports from the rest of the world stood at €151.3 bn, down by 6.2% compared with November 2019 (€161.3 bn). As a result, the EU recorded a €25.3 bn surplus in trade in goods with the rest of the world in November 2020, compared with +€18.0 bn in November 2019. Intra-EU trade rose to €266.2 bn in November 2020, +0.6% compared with November 2019.

In January to November 2020, extra-EU exports of goods stood at €1 756.6 bn (a decrease of 10.3% compared with January-November 2019) and imports at €1 569.4 bn (a decrease of 12.3% compared with January-November 2019). As a result, the EU recorded a surplus of €187.2 bn, compared with +€169.4 bn in January-November 2019. Intra-EU trade fell to €2 605.3 bn in January-November 2020, -8.4% compared with January-November 2019.

When it comes to Cyprus, according to Eurostat, exports recorded a total value of €2.5bn, a -12% drop compared to the same period of last year (€0.9bn with the EU or -26% and €1.7bn with the rest of the world or -2%). Meanwhile imports dropped to €6.9b or -8% (€4.0 with the EU -9% and €2.8bn from the rest of the world, or -6%). As a result Cyprus recorded a  €-4.4bn trade deficit, compared to €-4.6 last year, €-3.2bn with the EU and € -1.2bn with the rest of the world.

In the first eleven months of 2020, China was the main partner for the EU. This result was due to an increase of imports (+4.3%) and exports (+1.1%). At the same time trade with the United States recorded a significant drop in both imports (-13.0%) and exports (-9.3%).

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