Friday, March 29, 2019

International trade in goods in 2018 by EU members

After recording a significant fall from nearly 25% in 2000 to 14% in 2011, the share of the United States in EU total trade in goods increased again to reach 17% in 2018. The share of China has almost tripled since 2000, rising from just over 5% to more than 15% in 2018!
   It is also important to mention that Germany is the main export destination for most of the EU member states, except for Estonia, Ireland, Greece, Spain, Croatia, Cyprus, Latvia, Lithuania, Portugal, and UK. Remember that, Ireland, Greece, Cyprus, and Portugal had financial stability programs from EU packages due to the economic crisis, while Spain had also major financial problems, the UK voted to leave EU, and Croatia does not have euro as its currency.
   Furthermore, Germany is the main source of imports for most of the EU member states. Once again, Estonia, Ireland, Greece, Cyprus, Latvia, Lithuania, and Portugal do not choose Germany as their first partner for imports, alongside Belgium, Luxembourg, Malta, and Netherlands. It is also very interesting that Greece is the only country in the EU that has for one of the first three import partners a middle east country, Iraq, which comes second after Germany.
Δρ. Κωνσταντίνος Μάντζαρης, Dr. Konstantinos Mantzaris, Economistmk

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