A surplus of 1,481 million euros in foreign trade

By: Trademagazin Date: 2023. 08. 09. 11:03

A robust surplus of 1,481 million euros was generated in foreign trade in June, far exceeding all expectations, which is a new historical high, thanks to the moderation of energy prices and domestic demand.

Despite the weak industrial data in June, the euro value of exports increased by 11.1%, while at the same time, the euro value of imports decreased by around 4.7% due to the decrease in domestic demand and the sharp drop in energy prices. Accordingly, the foreign trade balance improved significantly, by 1,922 million euros, compared to the deficit of 440 million euros a year ago. In the first six months, the euro value of exports increased by 10.8%, while that of imports increased by 1.4%, thanks to which the balance of foreign trade turned into a surplus of 6,520 million euros, 4,030 million euros, compared to 2,490 million a year ago. against the euro deficit.

In 2022, as a whole, exports increased by 19.3% compared to the previous year, while the euro value of imports increased by 28.2%, correspondingly, the foreign trade balance deteriorated by 10,216 million euros, resulting in a deficit of 8,593 million euros in the same year against a previous surplus of 1,623 million euros. Last year’s drastic increase in the prices of energy carriers and other raw materials significantly worsened the exchange rates. The energy balance alone contributed EUR 9,791 million to the deterioration of the foreign trade balance last year.