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Euro area external trade deficit €4.3bn and EU27 €17.3bn

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Euro area external trade deficit €4.3bn and EU27 €17.3bnThe first estimate for the euro area (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 2010 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 2010 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%.

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). Malta stood at -0.7bn.

These data were released by Eurostat, the statistical office of the European Union.

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