Money Buzz! Europa

Tag: import

  • For the first time in history, China overtook the US as the Euro Area’s top trading partner

    For the first time in history, China overtook the US as the Euro Area’s top trading partner

    According to the research data analyzed and published by Comprar Acciones, Chinese imports from the EA rose by 5.6% and exports increased by 2.2% in 2020.

    US imports, on the other hand, plummeted 13.2% as exports fell by 8.2%.

    Based on IMF projections, China’s GDP is set to grow by 8.1% in 2021 following its 2.3% growth in 2020. By 2022, the rate will slow down to 5.6%.

    In 2020, Euro Area exported goods were worth €2.13 trillion to the rest of the world, a 9.2% decline from 2019.

    Euro Zone imports fell by 10.8% to €1.89 trillion during the period, while Intra-Euro area trade fell by 8.9%.

    However, there was a slight recovery in December 2020, with exports up by 2.3%, imports down by 1.3% and Intra-Euro trade up by 0.9%.

    India is expected to have the highest GDP growth in 2021 at 11.5%, following an 8% decline in 2020. In the Euro area, Spain is expected to have the highest growth in 2021 at 5.9%.

    The UK is expected to grow by 4.5% after its massive 10% decline in 2020. Its 2020 GDP contraction was twice the 2009 fall and worse than the 1921 drop of 9.7%.

    According to the US government’s preliminary reports, its GDP fell by 2.3% in 2020 to $20.93 trillion. Meanwhile, China grew its GDP to $14.7 trillion (101.6 trillion yuan).

    That narrowed the gap between the two powerful countries to $6.2 trillion, compared to $7.1 trillion in 2019.

    However, China’s per capita GDP was $11,000 in 2020. Comparatively, the US had more than five times that total, at $63,200.

  • US imports from China grows by 126% to $292 billion amid pandemic

    US imports from China grows by 126% to $292 billion amid pandemic

    Data presented by Bankr indicates the United States imports from China have grown by 126.29% to $292.64 billion between March to October 2020.

    As of October, the value of imports stood at $44.83 billion, the highest figure during the review period. In September, the value stood at $41.21 billion, a growth of 0.9% from Augusts’ $40.82 billion.

    In July the value of imports was $40.66 billion while in June the figure stood at %37.64 billion. The figure represented a growth of 2.8% from May’s figure of $36.6 billion. In April, the value stood at $31.07 billion, while in March, it was at $19.81 billion.

    The research also reviewed the value of China’s imports from the US during the same period. The value increased by 84.69% to a total value of $81.76 billion, which is at least 3.5 times less than US imports from China.

    The highest value of China imports from the US was in October at $14.7 billion, an increase of 27.6% from September’s $11.53 billion. As of August, the value was $11.03 billion, an increase of about 22% from July’s $9.03 billion.

    As of June, the value was $9.24 billion, while in May, the figure stood at $9.64 billion. In April, the value was $8.6 billion, while in March, it was at $7.97 billion.

  • EU to impose additional tariffs on „Made in USA” products

    EU to impose additional tariffs on „Made in USA” products

    The European Union will impose additional tariffs on American products, European Commission Vice President Valdis Dombrovskis announced on Monday, AFP and DPA reported.

    On October 26, the World Trade Organization (WTO) formally authorized the European Union to impose additional tariffs on US products worth nearly four billion dollars (3.37 billion euros).

    Europe has already prepared a long list of US products that could be targeted by the new tariffs, a list that includes airplanes, wines, spirits, tractors, frozen fish and frozen orange juice.

    Last month’s WTO decision, to the benefit of the EU, comes about a year after the institution granted the US the right to impose additional tariffs on European products worth $ 7.5 billion, due to illegal subsidies granted by the European Union to Airbus.

  • Polish exports from January to August 2020 at PLN 649.0 bn

    Polish exports from January to August 2020 at PLN 649.0 bn

    Foreign trade turnover in the January – August this year according to exports at current prices amounted to PLN 649.0 bn, while imports amounted to PLN 621.0 bn, Statistics Poland report.

    The positive balance reached the level of PLN 28.0 bn, while in the same period of 2019 year amounted to minus PLN 0.4 bn.

    In comparison to the corresponding period of the 2019,  both exports and imports decreased by 3.2% and 7.4% respectively.

    Poland has the largest share in total exports with developed countries – 86.1% (of which EU 73.4%), and imports – 64.9% (of which EU 55.1%), as against 87.2% (of which EU 74.3%) and 66.3% (of which EU 56.5%) in the corresponding period in 2019 year.

    However, the smallest share was observed with the countries of Central and Eastern Europe, which in total exports amounted to 6.1%, and in imports – 6.5%, as against 5.8% and 7.8% in January – August 2019.

  • Slovakia trade balance: surplus of EUR 166,6 million this year

    Slovakia trade balance: surplus of EUR 166,6 million this year

    In January-June 2020, Slovak foreign trade balance was in surplus in the amount of EUR 166,6 million (by EUR 750,2 million lower than in the corresponding period last year).

    Goods in the amount of EUR 33 839 million were exported from the Slovak Republic. Compared with corresponding period of 2019, the total export decreased by 16,9 %.

    In terms of goods, the highest decrease was recorded in export of motor cars and other motor vehicles principally designed for transport of persons by EUR 2 550,1 million, parts and accessories of motor vehicles by EUR 479 million, monitors and projectors, reception apparatus for television by EUR 460,4 million, flat-rolled products of iron or non-alloy steel, hot rolled by EUR 222,5 million and new rubber tires by EUR 200,1 million.

    The highest increase was recorded in export of structure and their parts of iron and steel by EUR 48,1 million and medicaments for sale at retail by EUR 40,3 million.

    As for the most significant trade partners, export to Germany and the United Kingdom decreased by 18,9 %, Czechia and France by 17,3 %, Poland by 9,4 %, Hungary by 11,6 %, Austria by 13,9 %, Italy by 25,7 %, the USA by 39,6 %, Spain by 27,9 %, Romania by 20,7 % and the Netherlands by 8,1 %.

    In terms of the main economic groupings, export to the EU countries decreased by 16,5 % (it represented 79,5 % of the total export of the SR) and to the OECD countries by 17,1 % (it represented 87,9 % of the total export of the SR).  

    Goods in the amount of EUR 33 672,4 million were imported to the Slovak Republic with a year-on-year decrease of 15,4 %.

  • Sharp falls in Austrian imports and exports in May 2020

    Sharp falls in Austrian imports and exports in May 2020

    The lockdown in Austria and numerous other countries due to COVID-19 was reflected in the Austrian International Trade in Goods Statistics with sharp falls in both trade flows in May (imports: -24.8%, exports: -25.5%).

    In the period January to May 2020, total imports amounted to €58.08 bn and total exports added up to €57.00 bn, according to preliminary results by Statistics Austria.

    Compared to the corresponding period of the previous year, Austrian imports decreased by 14.3% and Austrian exports declined by 12.9%.

    The global ITGS balance showed a deficit of €1.08 bn. Working-day adjusted, the rates of decrease were 13.5% for imports and 12.0% for exports.

  • Italy in June 2020: exports increased by 14.9% and imports by 20.0%

    Italy in June 2020: exports increased by 14.9% and imports by 20.0%

    Istat latest data show that in June 2020, exports increased by 14.9% and imports increased by 20.0% compared with May 2020.

    Over the last three months, data showed a 28.1% decrease in outgoing flows and a 20.3% decrease in incoming flows in comparison with the previous three months.

    In June 2020 exports to non-EU27 countries decreased by 15.6% and imports decreased by 17.0% compared with the same month of the previous year.

    The trade balance showed a surplus of 4,436 million euro compared with a 4,994 million euro surplus in the same month of 2019.

    In June 2020 excluding energy, the trade balance showed a surplus of 6,015 million euro compared to the surplus of 8,299 million euro of June 2019.

    For the former non-EU28 area, which does not include the United Kingdom, in June 2020, exports decreased by 15.4% and imports decreased by 17.6% compared with the same month of the previous year.

    In seasonnally adjusted terms, exports increased by 15.4% and import increased by 18.5% compared with May 2020.

    The trade balance showed a surplus of 3,568 million euro (there was a 3,852 million euro surplus in June 2019).

  • Italian exports and imports decreased in April 2020

    Italian exports and imports decreased in April 2020

    In April 2020, compared to March 2020, exports fell for both EU countries (-32.7%) and non EU countries (-37.3%). Imports decreased by 22.8% for EU countries and by 12.5% for non EU countries.

    Over the last three months, seasonally-adjusted data, compared to the previous three months, dropped for both exports (-18.9%) and imports (-18.3%).

    In April 2020, compared with the same month of the previous year, both exports and imports fell (-41.6% and -33,7% respectively). Outgoing flows decreased by 39.4% for EU countries and by 44.0% for non EU countries. Incoming flows dropped by 34.6% for EU area and by 32.5% for non EU area.

    The trade balance in April 2020 amounted to -1,157 million Euros (-1,004 million Euros for EU area and -153 million Euros for non EU countries).

    In April 2020, import prices decreased by 2.7% on a monthly basis (-1.0% for the euro zone, -4.3% for the non-euro zone). Over the last three months, compared to the previous three months, import prices decreased by 4.3% (-0.6% for the euro zone and -7.6% for the non-euro zone).

    Import prices decreased by 8.0% in April 2020, compared to the same month a year ago (-1.8% for the euro zone and by -13.8% for the non-euro zone).

  • US imports from China slumps by 45% in just 7 months

    US imports from China slumps by 45% in just 7 months

    Data gathered by Learnbonds.com reveals that the value of United States trade in goods for both exports and imports with China has dropped by 45.12%.

    The dropped is largely attributed to the trade war between the United States and China.

    The data shows that in March 2020, the value of U.S. trade in goods with China amounted to around $27.78 billion with imports totaling to $19.81 billion and exports at $7.97 billion.

    In August last year, the total trade value stood at $50.62 billion with imports at $41.19 billion while exports were $9.43 billion. From August last year, the value declined and slightly rose in October to $49.04 billion.

    Between January and March this year, the trade value dropped by about 32.09%. Between March last year ($41.6 billion) and March this year ($27.78 billion), the total trade value has slumped by 33.2%.

    The data further shows that between August last year and March 2020, imports dropped by a staggering 51.9% while exports slightly plunged by 15.48%.

    From the data, it is clear that the trade value shows that imports are the most impacted compared to exports. Generally, the drop is expected to continue. According to our research report:

    The research also compared the monthly value of export for both the United States and China from April 2017 to March 2020. China’s total export value stood at $7.27 trillion while the United States value was $7.18 trillion, a percentage difference of 1.2%. The US export value has been consistent and the lowest figure was $187.7 billion while the highest value for the export was in April 2018 at $213.3 billion.

    For China, the exports were valued highest in January and February at $292.45 billion. The lowest value was registered in February last year at $135.24 billion. 

  • Italy exports and imports fell in March 2020

    Italy exports and imports fell in March 2020

    In March 2020, compared with the same month of the previous year, both exports and imports fell (-13.5% and -18,1% respectively), show latest Istat data.

    Outgoing flows decreased by -12.2% for EU countries and by -14.7% for non EU countries.

    Incoming flows dropped by -15.5% for EU area and by -21.7% for non EU area. The trade balance in March 2020 amounted to +5,685 million Euros (5,082 million Euros for non EU area and +603 million Euros for EU countries).

    In March 2020, import prices decreased by 3.1% on monthly basis (unchanged for the the euro zone, -5.9% for the non-euro zone). Over the last three months, compared to the previous three months, import prices decreased by 2.0% (-0.3% for the euro zone and -3.6% for the non-euro zone).

    Import prices decreased by 5.1% in March 2020, compared to the same month a year ago (-0.7% for the euro zone, -9.2% for the non-euro zone).