Economy

The EU’s position in world trade in figures

Published

2 years ago

August 13, 2021

Find key figures about the EU’s trade with the world in this infographic: exports, imports, number of related jobs in the EU and more.

Infographic explaining global trade — Exports and imports on a global scale

The EU has always been about promoting trade: not only by removing barriers to trade between EU countries, but also by encouraging other countries to trade with the EU. In 2018, EU exports represented 15.6% of global exports and EU imports 13.9%, making it one of the world’s biggest trade players alongside the US and China.

Trade agreements

The EU currently has about 130 trade agreements in place, pending or in the process of being adopted or negotiated.

Trade agreements are not only an opportunity to reduce tariffs, but also to get our partners to recognise EU quality and safety standards, and to respect products with a protected designation of origin, such as champagne or Roquefort cheese. This is very important as European food products enjoy a worldwide reputation for excellence and tradition.

The EU also uses trade agreements to set standards for environment and labour, for example to avoid the importation of products produced using child labour.

The latest EU trade agreement signed was with Vietnam in 2020, which the Parliament adopted in February 2020, but many others are being negotiated. In addition, in April 2021, the Parliament approved the EU-UK trade and co-operation agreement.

EU imports and exports

European firms not only benefit from economies of scale that being part of the world’s largest single market entail, but also from trade agreements that enable EU enterprises to export many of their services and goods. At the same time foreign firms wanting to export to the EU have to meet the same high standards as local firms so there is no risk of unfair competition by non-EU companies cutting corners.

EU exports declined less than imports and consequently the trade balance increased from €192 billion in 2019 to €217bn in 2020, a significant increase with respect to 2019 (+€191bn). The main EU partner for exports in 2020 and 2021 was the United States and for imports China in 2020 and the UK in 2021.

The United States remained the most common destination for goods exported from the EU in 2020 with a share of 18.3%. The United Kingdom was the second largest destination for EU exports (14.4% of the EU total), followed by China (10.5%).

Trade with non-EU countries has led to the creation of millions of jobs in Europe. The European Commission estimated that in 2017 around 36 million jobs were linked to trade with non-EU countries. Being in the same single market has also led to more trade between EU countries.

In addition the import of goods and services from outside the EU has forced European companies to be more competitive, while offering consumers more choice and lower prices. One fifth of the export-supported jobs are located in a different member state than the one exporting.

Interactive map: How many jobs are supported by exports in your country?

In addition the import of goods and services from outside the EU has forced European companies to be more competitive, while offering consumers more choice and lower prices.