Home Business EU trade in services balance hits €133 billion in 2021

EU trade in services balance hits €133 billion in 2021

by Dubai Forum
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BRUSSELS, 10th August, 2022 (WAM) — In 2021, EU Member States exported services worth €1 027 billion to countries outside of the EU, a 13% increase compared with 2020 (€910 million), according to provisional data by Eurostat .

The impact of the COVID-19 crisis in 2020 led to a substantial fall in both the value of EU exports (-15% compared with 2019) and imports (-14%), but there was an immediate rebound in 2021 for EU exports, which almost returned to pre-pandemic levels.

On the other hand, EU imports rose at a modest pace in 2021, reaching €894 billion, a 2% rise compared with 2020.

As a result, the EU trade surplus for services hit €133 billion, close to the highest level registered in 2018. Over the last decade, the EU trade in services balance rose from €99 billion in 2011 to a peak of €134 billion in 2018 before falling back to €33 billion in 2020.

WAM/Tariq alfaham

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