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)

Top Stories

164 new cases, one death announced on Tuesday

 The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 176,...

Where to get antigen rapid tests on Wednesday

The Health Ministry announced the following antigen rapid test sites for Wednesday, 20 January 2021:   LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Grigoris Afxentiou Square 08:30-16:30 Parking place...

Italy’s Mount Etna erupts at night time

Long streams of red-hot lava flowed down Mount Etna as Europe's tallest and most active volcano erupted again.   At 10,926 feet, Etna is the continent's...

Cyprus secures another 565,000 doses of Pfizer/BioNTech vaccines

Through additional procedures of the European Commission, Cyprus secured another 565,000 doses of Pfizer/BioNTech vaccines, increasing the number of orders from the specific company...

Everything ready for inoculations among enclaved Greek Cypriots and Maronites

All necessary arrangements have been made to start inoculating against COVID-19 the enclaved population and those who repatriated in the Karpas peninsula and the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...