This common policy enables them to speak with one voice in trade negotiations, maximising their impact in such negotiations. EU Member States speak and negotiate collectively, both in the World Trade Organisation, where the rules of international trade are agreed and enforced, and with individual trading partners. The EU trade policy is one of the main pillars of the EU's relations with the rest of the world.īecause the 27 EU Member States share a single market and a single external border, they also have a single trade policy. The bloc is deeply integrated into global markets both for the products it sources and the exports it sells. Trade is an important indicator of Europe's prosperity and place in the world. It is called a FOB value (free on board) for exports and a CIF value (cost, insurance, freight) for imports. to the amount which would be invoiced in the event of sale or purchase at the national border of the reporting country. They correspond to the statistical value, i.e. Trade values are expressed in millions or billions (10 9) of euros. A full description is available from Eurostat's classification server RAMON. Information on commodities exported and imported is presented according to the Standard international trade classification (SITC). ![]() The partner is the country of final destination of the goods for exports and the country of origin for imports. For the calculation of shares, the world trade is defined as the sum of EU trade with non-EU countries (source: Eurostat) plus the international trade of non-EU countries (source: UNCTAD).Īccording to the EU concepts and definitions, extra-EU trade statistics (trade between EU Member States and non-EU countries) do not record exchanges involving goods in transit, placed in a customs warehouse or given temporary admission (for trade fairs, temporary exhibitions, tests, etc.). ![]() This in turn increases the intra-EU flows from the Netherlands to those Member States to which the goods are re-exported.ĭata for the non-EU countries used in Figures 3 and 4 are taken from the UNCTAD database of the United Nations. In other words, the EU is considered as a single trading entity and trade flows are measured into and out of the area, but not within it.ĭutch trade flows are over-estimated because of the so-called ' Rotterdam effect' (or quasi-transit trade): goods bound for other EU countries arrive in Dutch ports and, according to EU rules, are recorded as extra-EU imports by the Netherlands (the country where goods are released for free circulation). Statistics on extra-EU trade are calculated as the sum of trade of each of the 27 EU Member States with countries outside the EU. For extra-EU trade, the statistical information is mainly provided by the traders on the basis of customs declarations.ĮU data are compiled according to EU guidelines and may, therefore, differ from national data published by the Member States. International trade aggregated and detailed statistics disseminated via the Eurostat website are compiled from COMEXT data according to a monthly process.ĭata are collected by the competent national authorities of the EU Member States and compiled according to a harmonised methodology established by EU regulations before transmission to Eurostat. ![]() It provides access not only to both recent and historical data from the EU Member States but also to statistics of a significant number of non-EU countries. COMEXT is the reference database for international trade in goods. However by far the largest increase was seen for organo-inorganic and related compounds which went from €6.8 billion in 2021 to €28.6 billion in 2022.ĮU data is taken from Eurostat's COMEXT database. Much larger increases were registered for electrical machinery and apparatus and electronic tubes, valves and related articles. ![]() Telecommunications equipment and automatic data processing machines remained the two most imported products from China in 2022, both with slightly higher values than in 2021 (Figure 8). Four products were between 50 % and 200 %, showing more balanced trade. Two products were above 200 %, indicating EU exports to China were more than twice as large as EU imports from China. 14 products were below 50 %, indicating EU imports from China were more than twice as large as EU exports to China. These ratios can be found in the right-side margin of Figure 8. Another interesting way to look at the data is to investigate the cover ratio (exports / imports) of traded goods, showing the direction of the trade flows between the two economies. The most traded group of goods at this level was telecommunications equipment. Ten belonged to machinery and vehicles, seven to other manufactured goods and three to chemicals. These top 20 goods covered 55 % of total trade in goods in 2022. More detail about the goods exchanged between the EU and China is given in Figure 8, showing the 20 most traded goods at SITC-3 level.
0 Comments
Leave a Reply. |