Euro area external trade deficit 4.3 bn euro 17.3 bn euro deficit for EU27

The first estimate for the euro area1 (EA16) trade balance with the rest of the world in August 2010 gave a 4.3 bn euro deficit, compared with -2.8 bn in August 2009. The July 20102 balance was +6.2 bn, compared with +11.9 bn in July 2009. In August 2010 compared with July 2010, seasonally adjusted exports rose by 1.0% and imports by 1.8%. The first estimate for the August 2010 extra-EU27 trade balance was a 17.3 bn euro deficit, compared with -12.4 bn in August 2009. In July 20102 the balance was -6.2 bn, compared with +0.5 bn in July 2009. In August 2010 compared with July 2010, seasonally adjusted exports fell by 0.1%, while imports rose by 1.3%.

These data are released by Eurostat, the statistical office of the European Union. EU27 detailed results for January to July 2010 The EU27 deficit increased for energy (-164.8 bn euro in January-July 2010 compared with -130.5 bn in January-July 2009), while the surplus for manufactured goods increased (+101.7 bn compared with +85.5 bn). EU27 trade with all its major partners grew in January-July 2010 compared with January-July 2009, except for imports from the USA which remained nearly stable. The most notable increases were recorded for exports to Brazil (+57%), China (+41%) and Turkey (+38%), and for imports from Russia (+43%), China and India (both +25%). The EU27 trade surplus increased with the USA (+39.2 bn euro in January-July 2010 compared with +22.7 bn in January-July 2009), Switzerland (+9.7 bn compared with +7.3 bn) and Turkey (+9.4 bn compared with +3.5 bn). The EU27 trade deficit increased with China (-86.4 bn compared with -75.2 bn), Russia (-42.7 bn compared with -24.5 bn) and Norway (-21.7 bn compared with -19.0 bn), and remained nearly stable with Japan (-12.3 bn compared with -11.9 bn) and South Korea (-7.1 bn compared with -6.9 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+87.7 bn euro in January-July 2010), followed by Ireland (+24.7 bn) and the Netherlands (+22.1 bn). The United Kingdom (-63.6 bn) registered the largest deficit, followed by France (-33.6 bn), Spain (-30.2 bn), Greece (-14.4 bn), Italy (-12.5 bn) and Portugal (-11.4 bn).

News source: Eurostat link: article