Euro Area Trade Deficit at 2.0 bn Euro


The first estimate for the euro area (EA16) trade balance with the rest of the world in February 2009 gave a 2.0 bn euro deficit, compared with +1.7 bn in February 2008.

The January 2009 balance was -10.9 bn, compared with -11.1 bn in January 2008. In February 2009 compared with January 2009, seasonally adjusted exports rose by 0.5% while imports fell by 0.8%.

The first estimate for the February 2009 extra-EU27 trade balance was a deficit of 10.6 bn euro, compared with -13.3 bn in February 2008. In January 20092, the balance was -27.2 bn, compared with -30.3 bn in January 2008. In February 2009 compared with January 2009, seasonally adjusted exports rose by 8.0% while imports fell by 1.9%.

The EU27 energy deficit decreased (-20.7 bn euro in January 2009 compared with -31.0 bn in January 2008), while the surplus fell for chemicals (+4.6 bn compared with +6.3 bn) and for machinery and vehicles (+2.8 bn compared with +7.9 bn).

EU27 trade flows with all of its major partners fell. The biggest reductions were recorded for exports to Turkey (-44%), Russia (-36%) and India (-32%), and for imports from Russia (-37%), Turkey (-33%), South Korea and Brazil (both -31%).

The EU27 trade surplus fell with the USA (+1.4 bn in January 2009 compared with +4.8 bn in January 2008) and with Switzerland (+1.0 bn compared with +1.7 bn). The EU27 trade deficit grew with China (-15.8 bn compared with -15.2 bn), but decreased with Russia (-4.6 bn compared with -7.2 bn), Norway (-3.4 bn compared with -4.7 bn) and Japan (-2.3 bn compared with -2.8 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+7.2 bn euro in January 2009), followed by the Netherlands (+3.0 bn) and Ireland (+2.9 bn). The United Kingdom (-8.9 bn) registered the largest deficit, followed by France (-5.6 bn), Spain (-4.1 bn), Italy (-3.6 bn), Greece (-2.3 bn), Portugal (-1.3 bn) and Poland (-1.0 bn).

 


TradingEconomics.com, Eurostat
4/19/2009 7:27:04 PM