11:54 - 27.08.2024

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August 27, Fineko/abc.az. The European Union has maintained a positive trade balance for the fourth consecutive quarter, with a surplus of €40.4 billion in the second quarter of 2023, according to the latest data from Eurostat.

ABC.AZ reports that EU exports reached €650.7 billion, while imports stood at €610.3 billion.

The EU's trade surplus has been on a steady rise since the fourth quarter of 2021, following a prolonged period of deficit. The surplus reached its peak in the third quarter of 2022, hitting a remarkable €155 billion. This surge was largely attributed to the skyrocketing energy prices and the sanctions imposed on Russia.

During the peak of the energy crisis, the EU's trade deficit in the energy sector reached a record high of €193.8 billion.