Euro Area Trade Surplus Narrows in January

Euro Area recorded a € 900 million trade surplus in January of 2014, compared with a € 13.8 billion surplus a month earlier, as imports surged 8.6 percent. January's reading is above the € 5.4 billion deficit recorded in the same month last year.

Euro Area non-seasonally adjusted exports rose a meager 1 percent year-on-year in January to € 1477.7 billion.  Compared with the previous month, sales decreased 0.8 percent. Imports fell 3 percent on the year to € 146.8 billion, but rose 8.6 percent on a monthly basis. 

The EU 28 deficit for energy decreased (-381.6 bn euro in 2013 compared with -422.7 bn in 2012), while the surplus for manufactured goods increased (+390.5 bn compared with +356.5 bn). 

EU 28 imports from most of its major partners fell in 2013 compared with 2012, except for Turkey (+4 percent). The most notable decreases were recorded for imports from Japan (-13 percent), Brazil (-12 percent), Switzerland and Norway (both -11 percent). The pattern was mixed for EU 28 exports, with the largest increases registered for exports to Switzerland (+27 percent), South Korea (+6 percent), China and Turkey (both +3 percent) and the most notable falls for exports to India (-7 percent), Russia and Japan (both -3 percent). 

The EU 28 trade surplus increased significantly with Switzerland (+75.3 bn euro in 2013 compared with +27.6 bn in 2012), and more moderately with the USA (+92.0 bn compared with +86.3 bn), Turkey (+27.5 bn compared with +27.1 bn) and Brazil (+7.1 bn compared with +2.2 bn). The EU28 trade deficit fell with China (-131.8 bn compared with -147.6 bn), Russia (-86.8 bn compared with -91.7 bn), Norway (-39.8 bn compared with -51.1 bn) and Japan (-2.4 bn compared with -9.2 bn). 

Concerning the total trade of Member States, the largest surplus was observed in Germany (+199.6 bn euro in 2013), followed by the Netherlands (+55.2 bn), Ireland (+36.8 bn), Italy (+30.4 bn), Belgium (+14.1 bn), the Czech Republic (+13.6 bn) and Denmark (+10.3 bn). The United Kingdom (-84.7 bn) registered the largest deficit, followed by France (-76.0 bn), Greece (-19.3 bn) and Spain (-16.9 bn).

Euro Area Trade Surplus Narrows in January

Eurostat | Joana Taborda |
3/18/2014 10:26:27 AM