Since the introduction of Intrastat on 1 January 1993 in intra-EU trade, the value of intra-EU exports has been consistently higher than that of intra-EU imports. In theory, since exports are declared FOB and arrivals CIF, the value of the corresponding imports should be slightly higher than that of the exports. Eurostat considers intra-EU exports to be the most reliable indicator of total intra-EU trade, since at aggregate level total intra-EU exports have better coverage than total intra-EU imports. Due to this divergence in intra-EU trade and difficulties in interpreting figures in absolute terms at Member State level, Member State trade balances should be interpreted with caution. The same caution should be applied for the euro zone's trade balance, which includes some intra-EU trade.
Dutch trade flows are overestimated due to the so-called “Rotterdam Effect” (or quasi-transit trade): goods destined for other EU countries arrive at Dutch ports and, in accordance with EU rules, are registered as extra-EU imports by the Netherlands (country where goods are released for free circulation). It also increases intra-EU flows from the Netherlands to the Member States to which the goods are re-exported. Although to a lesser extent, the trade figures of other Member States such as Belgium or Luxembourg may also be overestimated due to near-transit.
The UK is considered an extra-EU partner country for the EU for the reporting period covered by this press release. However, the UK was still part of the internal market until the end of the transition period (31 December 2020), which means that trade data with the UK for reference periods up to December 2020 were based on statistical concepts applicable to trade between EU Member States. So the end of the transition period has had an impact on trade flows between the UK and EU member states.
As of January 2021, trade data with UK is based on a mixed concept. In application of the Withdrawal Protocol on Ireland and Northern Ireland, the statistical concepts applicable for trade with Northern Ireland are the same as those for trade between Member States while for trade with the Kingdom United (excluding Northern Ireland) the same statistical concepts for trade with another extra-EU partner country apply.
For these reasons, data on trade with the UK are not fully comparable with data on trade with other extra-EU trading partners, and for reference periods before and after the end of 2020.
National concepts may differ from the harmonized methodology used by Eurostat, leading to differences between the figures in this release and those published at national level, both for raw data and for seasonally adjusted series.