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EU sees goods trade slowdown in 2016


EU goods trade slowed down in 2016, the latest Eurostat statistics released this week reveal.Watch movie online The Transporter Refueled (2015)

In January to December 2016, extra-EU28 exports of goods stood at €1 745.7 bn, decreasing by 2 percent compared with the period running from January to December 2015. EU imports decreased by 1 percent the same year.

Overall the EU recorded a trade in goods surplus of €39.3 bn in 2019, much lower than the surplus of €59.9 bn recorded in 2015.   

The bulk of the slowdown in exports is due to a significant drop of exports to Switzerland, Russia, South Korea and the United States. Export growth to China remained flat in 2016.

Extra-EU exports of Central and Eastern European countries (with the exception of Bulgaria) and Ireland have grown steadily in 2016: the slowdown in exports is concentrated in Southern Europe.. Britain saw the most dramatic slowdown in exports of all EU 28 member states in 2016, so Eurostat data: a fall of 16 percent year on year to the rest of the world, and a fall by 4 percent to the rest of the EU.  

Intra-EU28 trade saw a minor pick up: it rose to €3 108.8 bn in 2016, which is a 1 percent increase compared with the previous year.  A country like Spain was able to compensate its export losses in 2016 with growth of exports to the rest of the EU by 4 percent.