Euro was used in almost half of the European Union's exports in 2018 – The Economic Journal


The euro had a 48% share of the total value of goods exported in exports of goods made to non-European Union (EU) countries and a 35% dollar billing in the United States. in the year 2018, according to data from the EU's statistics office, Eurostat, on Monday.

The scenario is reversed for imports, with 56% to be paid in dollars and about one third in euros (35%). In total trade in exports and imports, the US dollar was used in 45% of the situations, compared to 41% of the euro.

The highest share of imports from outside the European Union of euro-denominated goods was recorded by Slovenia (66%), followed by Austria (62%), Slovakia (61%), Latvia (54%) and Croatia %), the only Member States in which the euro had a market share above 50%.

The lowest percentages of the total quantity of imported goods were observed in the United Kingdom (5%), Sweden (13%), Greece and Denmark (both 23%). In general, more than half of the goods imported from outside the EU were invoiced in US dollars in 19 of the 28 Member States.

The euro was also the main currency for primary goods, excluding oil, for which trade is mainly billed in US dollars, especially for imports. In the last year imports of primary goods with the exception of petroleum were traded mainly in euros (47%) against the US dollar (44%).

Exports of primary goods (excluding oil) were also traded more in euros (54%) than in US dollars (32%), as was the case of manufactured goods (49% in euros, 33% % in dollar).



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