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18 July, 2024
 
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Cyprus dominates EU exports in November

Island breaks mold with unprecedented export boom in 2023

Newsroom / CNA

Cyprus recorded the highest annual increase in exports among the member states of the EU in November 2023 compared to November 2022, while also recording the second highest increase in imports in the same period, while most other member states saw both their exports and imports drop, according to estimates published by Eurostat.

In particular, in November 2023, compared with November 2022, all but four member states registered decreases in exports.

The largest decreases were registered in Belgium (-20.6%), Latvia (-18.8%), Bulgaria (-18.0%) and Lithuania (-17.2%). The highest increase was registered in Cyprus (+7.5%).

Regarding imports, in November 2023 compared to November 2022, all members states registered decreases, except Ireland (+1.8%), Cyprus (+2.5%) and Slovenia (+7.8%).

The highest decreases were observed in Hungary (-25.0%) and Belgium (-22.0%).

The first estimate for eurozone exports of goods to the rest of the world in November 2023 was 252.5 billion euro, a decrease of 4.7% compared with November 2022 (265.0 bn euro). Imports from the rest of the world stood at 232.2 bn euro, a fall of 16.7% compared with November 2022 (278.8 bn euro).

As a result, the eurozone recorded a 20.3 bn euro surplus in trade in goods with the rest of the world in November 2023, compared with a deficit of 13.8 bn euro in November 2022.

Intra-eurozone trade fell to 227.2 bn euro in November 2023, down by 9.4% compared with November 2022.

In January to November 2023, eurozone exports of goods to the rest of the world fell to 2,621.3 bn euro (a decrease of 0.6% compared with January - November 2022), and imports fell to 2,571.7 bn euro (a decrease of 13.1% compared with January - November 2022).

As a result, the euro area recorded a surplus of 49.7 bn euro, compared with -323.7 bn euro in January-November 2022.

Intra-eurozone trade fell to 2,441.0 bn euro in January - November 2023, down by 4.6% compared with January-November 2022.

The first estimate for extra-EU exports of goods in November 2023 was 225.5 billion euro, down by 5.1% compared with November 2022 (237.6 bn euro). Imports from the rest of the world stood at 206.3 bn euro, down by 20.5% compared with November 2022 (259.5 bn euro).

As a result, the EU recorded a 19.2 bn euro surplus in trade in goods with the rest of the world in November 2023, compared with a deficit of €22.0 bn euro in November 2022.

Intra-EU trade fell to 358.5 bn euro in November 2023, -7.6% compared with November 2022.

In January to November 2023, extra-EU exports of goods remained stable at 2,352.5 bn euro, while imports fell to 2,327.0 bn euro (a decrease of 16.1% compared with January - November 2022).

As a result, the EU recorded a surplus of 25.5 bn euro, compared with -423.1 bn euro from January to November 2022.

Intra-EU trade fell to 3,806.7 bn euro in January - November 2023, -2.9% compared with the period from January to November 2022.

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Cyprus  |  EU  |  exports  |  shipping  |  Europe

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