EU global trade posts decline in June amid pandemic

EU global trade posts decline in June amid pandemic
  • Clock-gray 19:39
  • calendar-gray 14 August 2020

The EU’s exports continued to drop in June amid the novel coronavirus pandemic, according to the bloc’s statistical office on Friday, APA reports citing Anadolu Agency. 

The bloc’s exports dropped by 9.6% to €154.4 billion (some $174.4 billion) in June and 12.4% to €921.6 billion in the first half of 2020, on a yearly basis, Eurostat said.

In June, the EU's imports were €133.7 billion, and the foreign trade surplus was €20.7 billion. The foreign trade surplus was €17.5 billion in June 2019.

Intra-EU trade also dropped 6.4% to stand at €235.4 billion in June and 12.7% to €1.36 trillion in the first half, year-on-year.

The average Euro/U.S. dollar exchange rate was 1.13 in June. In the first six months of this year, the bloc's foreign trade balance posted €74.1 billion surplus, down from €81.5 billion in the same period 2019. In January-June period, machinery and vehicles exports were €348.1 billion, while chemicals and other manufactured goods followed them with €212.1 billion and €201.9 billion, respectively. The US was the bloc's main trade partner in the first six-month period, with €171.7 billion imports from the union and €105.1 billion in exports.

By export volume, the UK, China, Switzerland, and Russia followed the US in the same period, said EuroStat. China was the top source of EU imports with €181.7 billion, followed by the US, UK, Switzerland and Russia. Country-to-country trade balances indicated that the EU incurred the largest deficit with China -- nearly €87.9 billion -- and the highest surplus with the US -- €66.5 billion -- over the same period. In the eurozone side, extra-EA exports dropped 10% to €170.3 billion in June and by 12.7% to €1.01 trillion in the first half of the year.

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