Euro Area Reports Trade Deficit in January


The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in January 2012 gave a 7.6 bn euro deficit, compared with -16.1 bn in January 2011.

The first estimate for the January 2012 extra-EU27 trade balance was a 23.8 bn euro deficit, compared with -31.2 bn in January 2011. In December 20112 the balance was +1.6 bn, compared with -12.1 bn in December 2010. In January 2012 compared with December 2011, seasonally adjusted exports rose by 1.5% and imports by 3.5%.

The EU27 deficit for energy increased significantly (-387.7 bn euro in 2011 compared with -306.9 bn in 2010), as did the surplus for manufactured goods (+264.8 bn compared with +173.7 bn).

EU27 trade with all its major partners grew in 2011 compared with 2010, except for imports from South Korea (-8%). The most notable increases were recorded for exports to Russia (+26%), China (+20%) and Turkey (+19%), and for imports from Russia (+24%), Norway and India (both +18%) and Brazil (+16%).

The EU27 trade surplus increased with the USA (+76.3 bn euro in 2011 compared with +71.9 bn in 2010), Switzerland (+30.5 bn compared with +22.0 bn) and Turkey (+25.1 bn compared with +18.9 bn). The EU27 trade deficit fell with China (-155.9 bn compared with -169.3 bn), Japan (-18.5 bn compared with -21.9 bn) and South Korea (-3.7 bn compared with -11.3 bn), but increased with Russia (-89.9 bn compared with -73.9 bn) and Norway (-46.9 bn compared with -37.5 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+157.0 bn euro in 2011), followed by the Netherlands (+45.1 bn), Ireland (+43.7 bn), Denmark (+11.1 bn) and Belgium (+11.0 bn). The United Kingdom (-117.4 bn) registered the largest deficit, followed by France (-84.5 bn), Spain (-47.2 bn), Italy (-24.6 bn), Greece (-20.8 bn), Portugal (-15.3 bn) and Poland (-14.6 bn).


TradingEconomics.com, Eurostat
3/16/2012 5:31:44 PM