Last year, the EU recorded a record trade deficit of 432 billion euros

European Union flags / Photo: MIA

Last year, the European Union recorded the largest annual deficit of 432 billion euros in foreign trade. The deficit is due primarily to a large increase in the value of energy imports, which began in late 2021 and continued through most of 2022, Eurostat said.

Also, in 2022, driven by rising prices, the highest growth rates of both imports and exports in the last ten years were recorded. Imports increased by 41%, exports by 18%.

This is the first deficit in the external trade of the EU in the past decade. For comparison, in 2021 a surplus of 55 billion euros was recorded, and in 2020 the plus in trade with the world was 215 billion euros.

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