Within the third quarter of 2023, the EU imported €35.4 billion price of power merchandise amounting to a complete of 65 million tonnes. In contrast with the identical quarter of 2022, imports decreased each in worth (-49.1%) and in internet mass (-11.3%).
Imports of power merchandise made up 17.7% of all EU imports within the third quarter of 2023. From 2019 to 2023, there have been vital fluctuations on this share which may primarily be attributed to the pronounced volatility within the costs of power merchandise.
The share of petroleum oils within the whole EU imports elevated from 9.1% in 2021 to 11.0% in 2022 and remained at 10.6% within the first three quarters of 2023. Extra vital fluctuations had been noticed for pure fuel, rising from 5.1% in 2021 to 10.8% in 2022, earlier than declining to six.5% within the first three quarters of 2023.
Evaluating the third quarter of 2022 with the third quarter of 2023, imports of petroleum oils remained steady whereas the imports of pure fuel dropped considerably (from 13.1% to five.2%).
Supply dataset: Comext and Eurostat estimates
Norway and United States – key power suppliers
Many of the EU imports of petroleum oil within the third quarter of 2023 got here from the USA (17.7%), adopted by Norway (13.7%) and Kazakhstan (8.2%).
Nearly half of the pure fuel within the gaseous state got here from Norway (48.6%). Algeria adopted with 17.8%, forward of Russia (16.0%) and the UK (10.5%).
The USA supplied nearly half of the imported liquified pure fuel (48.5%), forward of Qatar (14.0%), Algeria (10.1%) and Russia (8.8%).
Supply dataset: Comext and Eurostat estimates
Russia’s share of power merchandise drops
Russia’s share within the EU imports of power merchandise has been reducing following the battle of aggression in opposition to Ukraine. Within the third quarter of 2022, Russia accounted for 14.5% of all of the EU imports of power merchandise, and within the third quarter of 2023, it accounted for six.5% of all power imports.
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