Between 2000 and 2007, EU27 trade in goods with Russia nearly tripled in value. This rapid growth continued in the first six months of 2008, with the value of EU27 exports to Russia rising to 50 bn euro from 40 bn in the first half of 2007, and imports rising to 88 bn from 69 bn.

The share of Russia in the EU27’s total external trade in goods nearly doubled between 2000 and 2007. In the first half of 2008 the share rose further, with Russia accounting for nearly 8% of EU27 exports and more than 11% of EU27 imports. Russia was the EU27’s third most important trading partner, after the USA and China.

On the occasion of the 22nd European Union – Russia summit, which will take place on the 14th of November in Nice, Eurostat, the Statistical Office of the European Communities, has issued this data on trade and investments between Russia and the EU.

Germany, the Netherlands and Italy the largest trading partners of Russia amongst Member States

Among the EU27 Member States, Germany (16 bn euro, 31% of EU exports) was by far the largest exporter to Russia in the first six months of 2008, followed by Italy (5 bn or 10%) and Finland (4 bn, 7%), Malta stood at 0.001 bn. Germany (16 bn or 19%) was also the largest importer, followed by the Netherlands (11 bn or 12%) and Italy (8 bn or 9%), Malta stood at 0 bn.

Only six Member States recorded small surpluses in trade with Russia in the first six months of 2008, while the other Member States registered deficits. The largest deficits were observed in the Netherlands (-7 bn euro), Poland (-4 bn), France, Spain and Italy (all -3 bn).

Russia: 3% of extra-EU27 trade in services

In 2006, the EU27 exported 14 bn euro of services to Russia, while imports amounted to 11 bn, meaning that the EU27 had a surplus of 3 bn in trade in services with Russia.

Among the EU27 Member States, the United Kingdom (2.0 bn euro, 14% of EU exports) was the largest exporter of services to Russia in 2006, followed by the Netherlands and Finland (both 1.1 bn, 8%), Malta stood at 0.025 bn. France (1.5 bn or 14%) was the largest importer, followed by the United Kingdom (1.1 bn or 10%), Finland and Austria (both 0.8 bn or 8%), Malta stood at 0.004 bn.

The largest surpluses were observed in the United Kingdom (+0.9 bn), the Netherlands and Slovakia (both +0.5 bn), while the largest deficits were registered in France (-0.6 bn) and Austria (-0.3 bn), Malta stood at 0.021 bn.

Steady increase in EU27 FDI in Russia

EU27 Foreign Direct Investment (FDI) in Russia has grown in recent years, rising from 6.0 bn euro in 2004 to 9.6 bn in 2005, 10.7 bn in 2006 and 17.1 bn in 2007, while Russian direct investment into the EU27 increased from 0.3 bn in 2004 to 2.8 bn in 2005, then fell to 1.5 bn in 2006 and 1.0 bn in 2007.

Germany, with outflows of 6.7 bn and a 39% share of EU27 direct investment, was the largest investor in Russia in 2007, followed by Belgium (1.0 bn or 6%). The main recipients of direct investment from Russia were Ireland (0.3 bn or 35%) and Spain (0.3 bn or 30%).

No data was available for Malta regarding Direct Foreign Investment.

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