EU posts €69.6bn 6-month trade surplus with UK

Photo: AP

Eurostat announced that the EU exports to Britain posted a 4.7% month on month increase in June while trade with European goods with the rest of the world decreased. At the same time Eurostat noted that imports from UK were "nearly unchanged", Reuters reported. The increased EU exports to Britain are coupled with a 0.6% drop in the bloc's exports to the rest of the world on the month, Eurostat said.

The monthly rise in exports to Britain followed a slump, surge and second drop earlier this year, which were also recorded in imports, as firms adapted to new trade requirements after Brexit. EU trade with the rest of the world remained largely stable in the first half of the year. On the year, non adjusted figures showed that the bloc recorded a 22.3% increase in exports in June for a total volume of 188.3 billion euros, and a 29.6% rise in imports resulting in a trade surplus of 14.8 billion euros, down from 20 billion euros in June 2020. The smaller Eurozone recorded a nearly 22% increase of exports and a rise of almost 17% in imports on the month which resulted in a 18.1 billion euros surplus in June from 7.5 billion euros in May. In June 2020, the euro zone surplus was 20 billion euros.

In the first half of the year, EU imports of goods from Britain were nearly 20% below their levels in the same period of 2020 and in June and May were also lower than volumes recorded at the end of last year, Eurostat data showed.

Partly due to a change in the methodology, non seasonally adjusted figures published by Eurostat on Friday showed EU countries imported from Britain in the January-June period goods worth 65.9 billion euros, 18.2% less than the imports recorded in the same period last year. Exports instead rose by 5.5%, leading to an EU trade surplus with Britain of 69.6 billion euros in June, Eurostat said.

Eurostat figures show that in June the EU imported from Britain goods worth 12.6 billion euros and in May 11.5 billion euros, down from imports worth over 15 billion euros in each month of the last quarter of 2020.

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