EU posts foreign trade deficit of $484B in 2022

By Gokhan Ergocun

ISTANBUL (AA) – The European Union recorded a foreign trade deficit of €431.2 billion ($484.3 billion) last year, official figures showed on Wednesday.

The 27-member bloc’s exports and imports totaled €2.57 trillion and €3 trillion, respectively, in 2022, according to Eurostat figures.

The EU’s foreign trade balance was in a surplus of €55.1 billion in 2021.

The average EUR/USD exchange rate was 1.05 last year.

Meanwhile, the euro area posted a foreign trade deficit of €314.7 billion last year, with exports and imports amounting to €2.87 trillion and €3.2 trillion, respectively.

In December alone, the EU and the euro area saw deficits of €12.1 billion and €8.8 billion, respectively.