Euro area international trade in goods surplus €23.0 bn – €7.8 bn surplus for EU28

Euro area
The first estimate for euro area (EA19) exports of goods to the rest of the world in May 2019 was €203.4 billion, an increase of 7.1% compared with May 2018 (€189.9 bn). Imports from the rest of the world stood at €180.3 bn, a rise of 4.2% compared with May 2018 (€173.0 bn). As a result, the euro area recorded a €23.0 bn surplus in trade in goods with the rest of the world in May 2019, compared with +€16.9 bn in May 2018. Intra-euro area trade rose to €172.0 bn in May 2019, up by 4.9% compared with May 2018.

In January to May 2019, euro area exports of goods to the rest of the world rose to €973.5 bn (an increase of 5.0% compared with January-May 2018), and imports rose to €890.8 bn (an increase of 5.2% compared with JanuaryMay 2018). As a result the euro area recorded a surplus of €82.7 bn, compared with +€80.5 bn in January-May 2018. Intra-euro area trade rose to €838.7 bn in January-May 2019, up by 3.3% compared with January-May 2018.

European Union
The first estimate for extra-EU28 exports of goods in May 2019 was €178.5 billion, up by 10.7% compared with May 2018 (€161.3 bn). Imports from the rest of the world stood at €170.7 bn, up by 6.1% compared with May 2018 (€160.9 bn). As a result, the EU28 recorded a €7.8 bn surplus in trade in goods with the rest of the world in May 2019, compared with +€0.4 bn in May 2018. Intra-EU28 trade rose to €308.1 bn in May 2019, +3.5% compared with May 2018.

In January to May 2019, extra-EU28 exports of goods rose to €833.9 bn (an increase of 6.1% compared with January-May 2018), and imports rose to €848.1 bn (an increase of 6.6% compared with January-May 2018). As a result, the EU28 recorded a deficit of €14.2 bn, compared with -€9.9 bn in January-May 2018. Intra-EU28 trade rose to €1 521.9 bn in January-May 2019, +3.9% compared with January-May 2018.

Geographical information
The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union (EU28) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions
Since the introduction of Intrastat for intra-EU trade on 1 January 1993, the value of dispatches has been consistently higher than that of arrivals. In theory, as dispatches are declared FOB and arrivals CIF, the value of arrivals should be slightly higher than that of dispatches. Eurostat uses dispatches as the more reliable measure of total intra-EU trade as, at aggregated levels, total dispatches has better coverage than total arrivals. Due to this divergence in intra-EU trade, and to the difficulties of interpreting figures in absolute terms at the level of individual Member States, trade balances for individual Member States must
be interpreted with caution. The same caution applies to the trade balance of the euro area, which includes some intra-EU trade.
National concepts may differ from the harmonised methodology used by Eurostat, leading to differences between figures in this release and those published nationally, both for raw data and for seasonally adjusted series.
Products are classified according to the Standard international trade classification (SITC), Revision 4.

Revisions and timetable
This News Release is based on data available on 11 July 2019. These are provisional figures based on information provided by
Member States. They are subject to frequent revision for up to two years after the month in question.

For more information
Eurostat website section on international trade in goods

Download the press release HERE

Compliments of Eurostat