Highest ever EU trade deficit recorded in 2022
Also in 2022, driven by increasing prices, extra-EU imports (+41%) and exports (+18%) reached their highest year-on-year growth rates recorded over the last ten years.
Data show that the EU’s internal market takes centre stage in EU countries’ trade of goods, although the proportion of intra-EU and extra-EU flows in total trade in goods varied considerably, reflecting, to some degree, historical ties and geographical location.
Among the EU members, the highest share of intra-EU imports was recorded in Luxembourg (90% of its total imports), while the highest share for intra-EU exports was recorded in Czechia (82% of its total exports).
On the other hand, the lowest share of intra-EU imports was recorded in Ireland (35% of its total imports), which is mainly because its primary trade partner is the United Kingdom. Additionally, the lowest share of intra-EU exports was reported in Cyprus (26% of its total exports).
In 2022, the Netherlands imported a large share of goods from extra-EU countries (only 39% of its imports were intra-EU) and exported them within the EU (71% of its exports were intra-EU).