Russia has doubled its exports to the EU. Thanks to the gas

The Eurozone trade balance is in deficit for the first time since January 2014. In November 2021, in shape Eurostat, exports rose to 225.1 billion euros (+ 14.4% on November 2020), while imports jumped to 226.6 billion (+ 32%), mainly due to the increase in prices of imported energy. As a result, for the first time in over seven years, the Eurozone is in deficit of € 1.5 billion in trade in goods with the rest of the world, compared to a surplus of € 25 billion in November 2020.

The increase in energy demand weighs on this figure. Between January and November 2021, energy imports from non-EU countries jumped to 334 billion, compared to 201 in the same period of 2020: an increase of 65.9%. The increase in imports of raw materials also weighs, which rose by 32.6%. In total, considering the first 11 months of 2021, imports in general grew by 8.1% compared to the same period in 2020. While exports remained substantially at the same level (+ 0.2%).

Looking at the countries that have earned the most from the growth of imports into the EU, Russia stands out, which recorded (on an annual basis) a + 64.4%, probably driven by gas, which is by far the main voice. in trade relations with the EU. In absolute terms, however, it is China that in the first 11 months of 2021 exported 421.8 billion goods to the EU, about 70 billion more than in the same period of 2020. Among the main European trading partners, the the only country that has reduced its exports to the 27 member states is the United Kingdom, with a drop of 13.6%. On the contrary, EU exports to London increased by 12.3%.

Looking at Italy, our country continues to record a conspicuous trade surplus (+49.3 billion), albeit down compared to the first 11 months of 2020. Between October and November 2021, we are among the few EU states that have increased extra-EU exports more than they imported, with a surplus of 3.3 billion. Only Germany does better than us, with +15.9 billion.

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