Insider Economy Euro: the most used currency for EU exports with a share of...

Euro: the most used currency for EU exports with a share of 48% of the total value of goods in 2018

In 2018, the euro was the most used currency for EU exports with a share of 48% of the total value of goods exported to non-EU countries and a share of 35% invoiced in US dollars, according to Eurostat, the statistical office of the European Union.

The picture was reversed for imports, with 56% of imports paid in US dollars and around a third in euros (35%). For total trade (exports plus imports) the US dollar (45%) was used slightly more often than the euro (41%). In 2018, for exports the share of the euro was 4.5 percentage points (pp) lower than in 2010 while the US dollar gained 3.2 pp. For imports the share of the euro was 2.2 pp. lower than in 2010 while the US dollar gained 1.2 pp. Overall, for total trade (imports + exports) in 2018, the US dollar was the most used invoicing currency ahead of the euro by 4.0 pp.

Nearly two thirds of extra-EU imports of Slovenia (66%) were invoiced in euros. Austria (62%), Slovakia (61%), Latvia (54%) and Croatia (53%) were the only other Member States where the euro had a share of more than 50%. At the opposite end of the scale, the euro accounted for less than a quarter of the total amount of goods imported into the United Kingdom (5%), Sweden (13%), Greece and Denmark (both 23%). Overall, more than half of the goods imported from outside the EU were invoiced in US dollars in 19 of the 28 Member States. Cyprus invoiced 30% of imports in Euro and 68% in other US dollar.

The largest proportion of extra-EU exports invoiced in euros was observed in Slovenia and Slovakia (both 80%). Sixteen other Member States had a share between 50% and 80%. At the opposite end of the scale, the euro was the invoicing currency for less than a quarter of the extra-EU exports of four Member States: The United Kingdom (4%), Ireland (14%), Sweden (20%) and Denmark (23%). Overall, more than half of the goods exported outside the EU were invoiced in US dollars in five of the 28 Member States. Cyprus invoices 49% of exports in euro and 51% in US dollar. Greece invoiced 34% in euro and 65% in US dollar.

In 2018, imports of primary goods (excluding petroleum) were traded mostly in euros (47%) ahead of US dollars (44%). The opposite was true for petroleum (US dollar 88%, euro 11%) and for manufactured goods (US dollar 51%, euro 38%). Exports of primary goods (excluding petroleum) were also traded more in euros (54%) than in US dollars (32%) which was also the case for manufactured goods (euro 49%, dollar 33%). For petroleum exports the US dollar (63%) was the main currency, far ahead of the euro (28%).

(Cyprus News Agency)

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