Non-EU trade in 2024 heavily relied on the Euro and the US dollar

In the dynamic world of international trade, the role of currencies is paramount. A recent analysis of EU trade in 2024 sheds light on the dominant currencies used in imports and exports.

The US dollar emerged as the most used currency for imports, accounting for 51.1% of the total, while the euro followed closely with a share of 39.7%. Interestingly, in six EU countries, the US dollar was the most popular currency for exports.

The euro, however, maintained its dominance in extra-EU exports, accounting for an impressive 51.7% share. The US dollar, on the other hand, held the second position with a 31.4% share.

The highest shares of the euro in extra-EU imports were recorded in Slovenia (82.8%), Latvia (65.2%), and Slovakia (65.1%). Surprisingly, the highest shares of the US dollar in extra-EU imports were in Lithuania (65.5%), the Netherlands (63.8%), and Finland (63.5%).

Currencies of EU countries other than the euro accounted for 1.6% of imports and 3.0% of extra-EU exports in 2024. Notably, these other currencies had a 7.0% share in imports and 13.4% in extra-EU exports.

The share of EU currencies other than the euro was particularly high in Sweden (58.7%), Bulgaria (25.1%), and Denmark (24.0%) in extra-EU imports. In Czechia and Denmark, these currencies reached double digits, with 23.9% and 12.3% shares in extra-EU exports, respectively.

In 18 of the 27 EU countries, the US dollar was the most used currency for extra-EU imports of goods, while the euro was the most used in 20 countries for extra-EU exports. In the remaining 9 EU countries, the euro was the most used currency for imports.

It's worth noting that the US dollar remains the dominant currency in international trade, with the main users of the US dollar for importing goods within the EU being primarily Germany and other major EU economies engaged in trade with the United States. Specific country-by-country import usage data within the EU, however, is not detailed in the provided sources.

Shares above 50% of the US dollar in exports were recorded in Cyprus (69.0%), Ireland (68.9%), and Greece (52.7%). Other EU countries showed a more balanced use of currencies in their exports.

In conclusion, the global currency landscape of EU trade in 2024 presents an intriguing mix of dominance and diversity. The euro and the US dollar remain the leading currencies, but other currencies also play significant roles, especially in specific EU countries and in extra-EU trade scenarios.