Trade between EU member states has fallen for the first time in almost a decade outside of the pandemic, European Commission figures show, despite efforts to reboot the single market in the face of economic threats from China and the US.
Trade between member states as a share of EU GDP dropped from 23.5 per cent in 2023 to 22 per cent in 2024, according to a draft report of the bloc’s annual single market report, seen by the FT.
It is the first year-on-year first fall since 2016 if the effects of Covid-19 lockdowns are excluded. Meanwhile, the length of time it takes to draft and approve EU-wide standards for goods increased from 3.2 years in 2023 to four years in 2024.
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