EU: Export volume down in October

By Gokhan Ergocun

ISTANBUL (AA) - The EU's exports continued to drop in October, due to the pandemic's effects, by 10.3% to €178.9 billion ($211.1 billion) in October, the 27-member bloc's statistical office said on Wednesday.

The EU's imports were also down by 14.3% to €150.8 billion, and the foreign trade surplus was €28.1 billion in October, Eurostat announced.

In October, intra-EU exports dropped 4.5% to stand at €266.6 billion.

The average euro/US dollar exchange rate was 1.18 in October.

In the first 10 months of this year, the bloc's exports posted another decline of 11.3% (€1.58 trillion), while the trade balance saw a €162.2-billion surplus.

China was the bloc's main trade partner in the first 10-month period, with €163.3 billion imports from the union and €314.4 billion in exports.

By export volume, the US, UK, Switzerland, and Russia followed China in the same period, said EuroStat.

Union-to-country trade balances indicated that the EU incurred the largest deficit with China -- nearly €151.1 billion -- and the highest surplus with the US -- €121.3 billion -- over the same period.

In the eurozone side, extra-EA exports dropped 9% to €199.3 billion in October, while they were down by 11.1% to €1.74 trillion.

The Eurozone/euro area or EA19 represents the member states that use the single currency, the euro.