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Daniel Kral: Every EU country had goods trade deficit with China in 2023
Every European Union member state had a goods trade deficit with China in 2023, representing a significant shift from 2015 to 2019, when only a few countries, including Germany, ran surpluses.
Daniel Kral highlighted the rapid pace at which this change is occurring, noting that the average deficit widened by 1 percentage point of GDP. He stressed that each day of inaction on this issue may result in higher costs.
Kral has previously reported that European wholesale gas prices surged more than 20 percent earlier this year, although they remain below January levels. He also noted that temporary tax reliefs and energy support measures will widen deficits as interest rates rise. Persistent energy dependence in the EU has continued to weigh on external balances.
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