Europe

International trade is a crucial aspect of Europe’s economy.  Europe is the world’s largest exporter of manufactured goods and services, and it is the biggest export market for around 80 countries and territories, with a trade volume of over 8 trillion USD in goods and services in 2021. This accounts for more than 35.7% of global trade. Europe is home to many strong economies which are major exporters of goods such as machinery, electronics, and chemicals, and attract significant foreign investment.

 

Europe is also home to the European Union (EU), which brings together 27 European economies. Together, EU member states account for 16% of world imports and exports. In 2021, EU exports reached $6.6 trillion USD for goods and $2.4 trillion USD for services, while imports stood at $6.5 trillion USD for goods and $2.2 trillion USD for services. In volume, EU’s trade in goods and services represents more than 11% and 20% of world trade respectively. Additionally, the European Union has established 45 different Regional Trade Agreements, including with Central America, Pacific States, and Eastern and Southern African States.

 

Overall, Europe’s commitment to international trade has led to increased economic growth, job creation, and improved standards of living for its citizens.

 

 

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Economies in Europe