EU share of world exports and imports 2002-2023

The European Union's share of both world exports and imports has on average been falling for the past two decades. During this time, the EU opened up a small trade deficit during the years around the Great Recession and the Eurozone crisis, before sustaining a large surplus in the years after 2011.
This surplus was driven by exporting countries such as Germany who specialize in exporting products such as chemicals, manufactured products and heavy machinery, while the cost competitiveness of EU exporters was maintained by a decade which saw little real wage growth for EU workers. On the other hand, the EU also imported heavy manufactured goods, while being a notable energy and fuel importer. The economic problems experienced in the wake of Russia's invasion of Ukraine in 2022 led to Europe once more opening up a trade deficit, while this once more became a surplus in 2023, as Europe's share of world imports sank bank to 14.2%.