Euro, USD emerge as predominant currencies used in extra-EU trade last year
Date
6/25/2024 4:21:19 AM
(MENAFN) According to the latest data from Eurostat, released on Monday, the euro and the US dollar emerged as the predominant currencies used in extra-EU trade throughout 2023. The euro accounted for 46 percent of total trade in goods between European Union member states and non-EU countries, closely followed by the US dollar at 42 percent.
In terms of exports, the euro maintained a leading position, representing 52 percent of all transactions during the same period. Conversely, the US dollar was less prominent in exports, accounting for 32 percent of the total.
A breakdown of individual EU member states reveals significant trends in currency usage. Notably, 19 out of 27 EU states favored the euro for exports, with Slovenia leading the pack at 90 percent, followed by Croatia at 82 percent and Latvia at 78 percent. On the other hand, the US dollar was predominantly utilized for exports in six countries, including the Greek Cypriot administration of Southern Cyprus (76 percent), Ireland (65 percent), and Greece (54 percent).
The preference shifted when considering imports from non-EU states, where the US dollar took precedence with a 60 percent share, compared to the euro's 41 percent. Specifically, 16 countries within the EU predominantly used the US dollar for imports, with Finland notably at 67 percent. Conversely, 11 EU countries relied more on the euro for imports, notably Slovenia (77 percent), Croatia (70 percent), and Slovakia (60 percent).
Eurostat highlighted that currencies of EU countries outside the eurozone also played a significant role, particularly noting Czechia at 24 percent and Denmark at 13 percent in the context of trade transactions.
The data underscores the complex currency dynamics within the EU's trade relationships, reflecting varying national preferences and economic strategies among member states.
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