The European Union's share of both world exports and imports has on average been falling for the past two decades. During this time, the EU opened up a small trade deficit during the years around the Great Recession and the Eurozone crisis, before sustaining a large surplus in the years after 2011. This surplus was driven by exporting countries such as Germany who specialize in exporting products such as chemicals, manufactured products and heavy machinery, while the cost competitiveness of EU exporters was maintained by a decade which saw little real wage growth for EU workers. On the other hand, the EU also imported heavy manufactured goods, while being a notable energy and fuel importer. The economic problems experienced in the wake of Russia's invasion of Ukraine in 2022 led to Europe once more opening up a trade deficit, while this once more became a surplus in 2023, as Europe's share of world imports sank bank to 14.2%.
Annual share of world goods imports and exports of the European Union from 2002 to 2023
Characteristic
Share of world imports
Share of world exports
2023
14.2%
14.8%
2022
15.3%
13.7%
2021
13.9%
14.7%
2020
13.8%
16%
2019
13.9%
15.8%
2018
14.1%
15.7%
2017
13.8%
15.9%
2016
13.5%
16%
2015
13.5%
15.6%
2014
14%
15.6%
2013
14%
15.5%
2012
14.2%
15.2%
2011
15.7%
15.5%
2010
15.7%
15.7%
2009
16.6%
17.2%
2008
17.6%
16.5%
2007
17.7%
17.4%
2006
17.5%
17%
2005
17.4%
17.6%
2004
17.6%
18.9%
2003
17.9%
19%
2002
17.2%
18.9%
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Eurostat. (April 16, 2024). Annual share of world goods imports and exports of the European Union from 2002 to 2023 [Graph]. In Statista. Retrieved October 15, 2024, from https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/
Eurostat. "Annual share of world goods imports and exports of the European Union from 2002 to 2023." Chart. April 16, 2024. Statista. Accessed October 15, 2024. https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/
Eurostat. (2024). Annual share of world goods imports and exports of the European Union from 2002 to 2023. Statista. Statista Inc.. Accessed: October 15, 2024. https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/
Eurostat. "Annual Share of World Goods Imports and Exports of The European Union from 2002 to 2023." Statista, Statista Inc., 16 Apr 2024, https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/
Eurostat, Annual share of world goods imports and exports of the European Union from 2002 to 2023 Statista, https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/ (last visited October 15, 2024)
Annual share of world goods imports and exports of the European Union from 2002 to 2023 [Graph], Eurostat, April 16, 2024. [Online]. Available: https://www.statista.com/statistics/1364008/eu-international-trade-world-exports-imports/