The United States becomes the EU’s largest trading partner
The European Statistical Office (Eurostat) has published international trade data for the EU and the Eurozone for 2022.
The largest trading partner of the European Union (EU) in 2022 was the US with a trade volume of €867.7 billion.
Consequently, in 2022, total exports from the Eurozone increased by 18% compared to the previous year and reached 2 trillion 877.8 billion euros, and total imports increased by 37.5% to 3 trillion 192 500 millions of euros.
The eurozone trade deficit in 2022 reached 314.7 billion euros.
TRADE DEFICIT OF 431.2 BILLION EUROS
In 2022, the EU’s total exports reached 2 trillion 572 billion euros with an increase of 17.9 percent compared to the previous year, and its imports reached 3 trillion 3.2 billion euros with a increase of 41.3 percent.
Thus, the EU registered a trade deficit of 431.2 billion euros in the period January-December 2022.
In addition, EU imports of energy products, which were €390.3 billion in 2021, increased by 113.6% in 2022 and reached €833.7 billion.
The countries that imported the most from EU countries last year were the US with 509.3 billion euros, the United Kingdom with 328.6 billion euros, China with 230.3 billion euros, Switzerland with 188 billion euros, Turkey with 99.6 billion euros, 71, Japan with 6 billion euros, Norway with 67.7 billion euros, South Korea with 60.1 billion euros and Russia with 55.2 billion euros.
MOST OF CHINA’S EXPORTS
The countries that export the most to EU countries are China with €626 billion, the US with €358.4 billion, the UK with €218.6 billion, Russia with €203.4 billion, Norway with €160.7 billion and 145.20 euros. billion euros, Turkey with 98.6 billion euros, South Korea with 71.7 billion euros and Japan with 69.7 billion euros.
Last year China had a surplus of €395.7bn, Russia €148.2bn and Norway €93bn in trade with the EU, while the US was €1bn.
The total trade volume of the EU is €867.7 billion with the US, €856.3 billion with China, €547.2 billion with the UK, €333.2 billion with Switzerland, €258.6 billion euros with Russia and Norway. It reached the level of 228.4 billion. Euros and 198,200 million Euros with Turkey.
Thus, the EU’s largest trading partner, which was China in 2020 and 2021, became the US in 2022.
With a trade volume of €198.2 billion, Turkey is the EU’s seventh largest trading partner. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
