European Union trade in 2022: external balance deficit and growth of internal interactions

Abstract

EU foreign trade in 2022 has been developing under relentless inflation, the burden of energy prices and food products. In 10 months of 2022, the growing import dependence of the EU on the USA and China was registered. Russia is holding its ground due to a sharp rise of its exports’ value. Because of agricultural imports, foreign trade cooperation of the EU with Ukraine strengthens. The economies of the EU member states are still to overcome the consequences of the pandemic. At the same time, the EU trade deficit has significantly increased since the end of 2021. In the medium term, the European Single market will remain under the mounting pressure from more profitable economic locations.