Euro Area Records Trade Surplus in February


The first estimate for the euro area (EA16) trade balance with the rest of the world in February 2010 gave a 2.6 bn euro surplus, compared with -1.2 bn in February 2009.

The January 2010 balance was -9.0 bn, compared with -12.0 bn in January 2009. In February 2010 compared with January 2010, seasonally adjusted exports rose by 2.7% and imports by 1.5%.

The first estimate for the February 2010 extra-EU27 trade balance was a 6.0 bn euro deficit, compared with -10.7 bn in February 2009. In January 20102 the balance was -22.3 bn, compared with -27.8 bn in January 2009. In February 2010 compared with January 2010, seasonally adjusted exports rose by 3.9% and imports by 2.0%.

The EU27 deficit rose for energy (-21.6 bn in January 2010 compared with -20.7 bn in January 2009), but decreased for other manufactured goods (-6.6 bn euro compared with -9.7 bn) and for raw materials (-2.1 bn compared with -2.8 bn). The surplus fell for machinery and vehicles (+2.4 bn compared with +2.9 bn), but rose for chemicals (+6.5 bn compared with +4.2 bn).

EU27 exports to most of its major partners grew in January 2010 compared with January 2009, except for Russia (-6%) and the USA (-2%). The most notable increases were recorded for exports to China (+49%), Turkey (+35%) and India (+29%). The largest increases were recorded for imports from Russia and South Korea (both +26%) and Turkey (+14%), and the largest falls for imports from the USA (-12%), Norway and Japan (both -9%).

The EU27 trade surplus increased with the USA (+2.8 bn euro in January 2010 compared with +1.4 bn in January 2009) and remained nearly stable with Switzerland (+1.2 bn compared with +1.1 bn). The EU27 trade deficit decreased with China (-12.4 bn compared with -15.8 bn), Norway (-3.1 bn compared with -3.7 bn) and Japan (-1.7 bn compared with -2.3 bn), but increased with Russia (-7.2 bn compared with -4.6 bn) and South Korea (-1.3 bn compared with -0.9 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+8.0 bn euro in January 2010), followed by Ireland (+3.3 bn), the Netherlands (+1.8 bn) and Sweden (+0.8 bn). The United Kingdom (-9.4 bn) registered the largest deficit, followed by France (-5.2 bn), Spain (-4.5 bn), Italy (-3.4 bn) and Greece (-2.2 bn).


TradingEconomics.com, Eurostat
4/16/2010 10:14:45 AM