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Trade Balance Deficit Overview for First Half of 2024
Between January 1 and June 30, 2024, the trade balance deficit (FOB/CIF) reached €15.090 billion. This figure reflects an increase of €1.764 billion, or 13.2%, compared to the same period in 2023, according to data from the National Institute of Statistics.
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Trade Statistics for June 2024
In June 2024, FOB exports totaled €7.750 billion, while CIF imports amounted to €10.529 billion, resulting in a deficit of €2.778 billion. Compared to June 2023, exports rose by 0.1%, whereas imports increased by 5.2%, as reported by Agerpres.
Overall Trade Performance in Early 2024
During the first half of 2024, FOB exports reached €46.268 billion, and CIF imports totaled €61.359 billion. Exports decreased by 2.4%, while imports grew by 1% compared to the same period in 2023.
Significant shares of both exports and imports in this year’s first semester were from the categories of transport machinery and equipment (47.5% for exports and 36.5% for imports) and other manufactured goods (29.3% for exports and 28.4% for imports).
Intra- and Extra-EU Trade Insights
The value of intra-EU27 goods trade from January 1 to June 30, 2024, was €33.649 billion in exports and €45.008 billion in imports, accounting for 72.7% of total exports and 73.4% of total imports. In contrast, the value of extra-EU27 goods trade was €12.619 billion in exports and €16.350 billion in imports, representing 27.3% of total exports and 26.6% of total imports.
According to the National Institute of Statistics, the FOB/CIF trade balance is calculated as the difference between the value of FOB exports and CIF imports.
Understanding FOB and CIF Pricing
The FOB (Free on Board) price indicates the cost at the border of the exporting country, encompassing the value of the good, all transportation expenses up to the loading point, and any taxes applicable for loading the goods on board. Conversely, the CIF (Cost, Insurance, Freight) price reflects the cost at the border of the importing country, which includes all the components of the FOB price as well as insurance and international shipping costs.
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