The European Union makes up a declining share of the world economy in the 21st century. In the two decades since 2002, the EU share of world exports has declined consistently from around 19 percent, to less than 15 percent in the early 2020s. This decline has been driven by large drops in the share of EU exports in machinery & transport equipment, as well as in other manufactured goods.
While these declines reflect the EU's declining importance in relation to other global economic superpowers, notably to China, it does not mean that the absolute level of EU exports is declining. On the contrary, the absolute value of EU exports grew over this period, but at a slower rate than the growth of overall world exports, hence the decline.
Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023
Characteristic
Machinery and transport equipment
Other manufactured goods
Chemicals and related products, n.e.s.
Food, drinks and tobacco
Mineral fuels, lubricants and related materials
Raw materials
Commodities and transactions not classified elsewhere in the SITC
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Eurostat. (April 16, 2024). Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023 [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/
Eurostat. "Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023." Chart. April 16, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/
Eurostat. (2024). Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023. Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/
Eurostat. "Annual Share of World Exports Exported by The European Union Broken down by Product Groups from 2002 to 2023." Statista, Statista Inc., 16 Apr 2024, https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/
Eurostat, Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023 Statista, https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/ (last visited August 24, 2024)
Annual share of world exports exported by the European Union broken down by product groups from 2002 to 2023 [Graph], Eurostat, April 16, 2024. [Online]. Available: https://www.statista.com/statistics/1364259/international-trade-eu-world-exports-product-group/