Euro Dominates Extra-EU Trade, Dollar Still Strong
In 2024, the euro maintained its dominance in extra-European Union (EU) exports, while the U.S. dollar led imports. This highlights shifting currency usage within global trade, offering insights into economic power dynamics.
Euro’s Export Supremacy
The euro was the most frequently used currency for exports outside the EU in 2024, holding a 51.7% share. The U.S. dollar followed at 31.4%, with other EU currencies at 3.0%, and other currencies at 13.4%.
In twenty EU countries, the euro reigned supreme for extra-EU exports during 2024. The highest shares were seen in Slovenia (91.1%), Croatia (82.8%), and Lithuania (75.0%).
Six EU nations primarily utilized the U.S. dollar for exports. Cyprus (69.0%), Ireland (68.9%), and Greece (52.7%) recorded shares exceeding 50%.
Dollar’s Import Leadership
The U.S. dollar was the primary currency for imports in 2024, with a 51.1% share. The euro accounted for 39.7%. Other EU currencies represented 1.6%, and other currencies 7.0%.
The U.S. dollar led extra-EU imports in 18 of the 27 EU nations in 2024. The dollar’s share was highest in Lithuania (65.5%), the Netherlands (63.8%), and Finland (63.5%).
The euro was the primary import currency in the remaining nine EU countries. Slovenia (82.8%), Latvia (65.2%) and Slovakia (65.1%) had the largest shares.
Notable Exceptions
The prominence of currencies besides the euro was high in Sweden (58.7%), Bulgaria (25.1%), and Denmark (24.0%), attributed to their respective currencies.
Currencies of EU countries other than the euro reached double digits in Czechia (23.9%) and Denmark (12.3%).
Visual Data
This data correlates with real-world trends. For example, currency volatility in emerging markets has caused some businesses to favor the perceived stability of the dollar or euro for international transactions (IMF Report).
Conclusion
The trends observed highlight a complex interplay of global economic forces shaping currency usage. While the euro’s role in exports is important, the continued influence of the U.S. dollar in imports highlights ongoing shifts in global trade dynamics.
