Euro Area Trade Surplus Widened


The first estimate for the euro area (EA16) trade balance with the rest of the world in June 2009 gave a 4.6 bn euro surplus, compared with 0.0 bn in June 2008. The May 2009 balance was +2.1 bn, compared with -3.8 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.1%, while imports remained stable.

The first estimate for the June 2009 extra-EU27 trade balance was -4.3 bn euro, compared with -19.3 bn in June 2008. In May 2009 the balance was -7.2 bn, compared with -20.7 bn in May 2008. In June 2009 compared with May 2009, seasonally adjusted exports fell by 0.3% and imports by 1.4%.

The EU27 energy deficit decreased (-92.9 bn euro in January-May 2009 compared with -147.9 bn in January-May 2008), while the surplus fell for machinery and vehicles (+36.3 bn compared with +59.8 bn) and chemicals (+31.1 bn compared with +32.7 bn).

EU27 trade flows with all of its major partners fell. The largest decreases were recorded for exports to Russia (-39% in January-May 2009 compared with January-May 2008), Turkey (-33%), South Korea (-23%) and Norway (-22%), and for imports from Russia (-43%), Japan and Brazil (both -29%), Norway and Turkey (both -28%).

The EU27 trade surplus fell with the USA (+11.5 bn euro in January-May 2009 compared with +27.3 bn in January-May 2008) and Switzerland (+4.8 bn compared with +8.0 bn). The EU27 trade deficit decreased with China (-55.8 bn compared with -60.9 bn), Russia (-16.4 bn compared with -31.1 bn), Norway (-13.3 bn compared with -19.9 bn) and Japan (-9.1 bn compared with -15.0 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+46.3 bn euro in January-May 2009), followed by Ireland (+15.6 bn) and the Netherlands (+13.8 bn). The United Kingdom (-38.0 bn) registered the largest deficit, followed by France (-24.4 bn), Spain (-20.7 bn), Greece (-11.6 bn) and Portugal (-6.8 bn).


TradingEconomics.com, Eurostat
8/17/2009 9:48:29 AM