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Supply bottlenecks and price pressures in euro area goods trade and tourism

Author

Listed:
  • Schuler, Tobias
  • Hildenbrand, Hannah-Maria
  • Di Sano, Martina

Abstract

This Box provides an assessment of trends in European trade in goods and the tourism sector in 2022 using Purchasing Manager Indices (PMI). For goods trade, the analysis shows that bottlenecks in the international supply chain tend to precede upward pressures on import prices for intermediate goods. These pressures are now slowly easing as export demand weakens and supply chains adjust. For services, an earlier surge in bookings in the tourism sector has led to higher prices in that sector. Higher input prices in the tourism and recreation sector, waning pent-up demand for travel, falling real incomes and rising uncertainty may start to dampen demand for European tourism and recreation trade in services in the coming months. JEL Classification: E31, F10, L83

Suggested Citation

  • Schuler, Tobias & Hildenbrand, Hannah-Maria & Di Sano, Martina, 2022. "Supply bottlenecks and price pressures in euro area goods trade and tourism," Economic Bulletin Boxes, European Central Bank, vol. 7.
    • Handle: RePEc:ecb:ecbbox:2022:0007:1
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2022/html/ecb.ebbox202207_01~cd275e145d.en.html
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    Citations

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    Cited by:

    1. Bańbura, Marta & Bobeica, Elena & Martínez Hernández, Catalina, 2023. "What drives core inflation? The role of supply shocks," Working Paper Series 2875, European Central Bank.

    More about this item

    Keywords

    PMI; Supply bottlenecks; tourism;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F10 - International Economics - - Trade - - - General
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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