Euro Area Reports Trade Deficit in August


The first estimate for euro area (EA17) trade with the rest of the world in August 2011 gave a 3.4 bn euro deficit, compared with -6.3 bn euro in August 2010. The July 2011 balance was +2.5 bn, compared with +4.6 bn in July 2010. In August 2011 compared with July 2011, seasonally adjusted exports rose by 4.7% and imports by 2.7%.

The first estimate for the August 2011 extra-EU27 trade balance was a 17.8 bn euro deficit, compared with -19.2 bn in August 2010. In July 2011 the balance was -9.0 bn, compared with -7.5 bn in July 2010. In August 2011 compared with July 2011, seasonally adjusted exports rose by 2.9% and imports by 3.2%.

The EU27 deficit for energy increased significantly (-217.2 bn euro in January-July 2011 compared with -170.3 bn in January-July 2010), while the surplus for manufactured goods rose notably (+137.8 bn compared with +98.1 bn).

EU27 trade with all its major partners grew in January-July 2011 compared with January-July 2010, except for imports from South Korea (-8%). The highest increases were recorded for exports to Russia (+33%), Turkey (+31%), India (+24%), China (+21%) and South Korea (+18%), and for imports from Russia (+29%), India (+23%), Brazil (+22%), Norway (+20%) and Turkey (+18%).

The EU27 trade surplus increased with the USA (+42.5 bn euro in January-July 2011 compared with +38.9 bn in January-July 2010), Turkey (+15.2 bn compared with +9.3 bn) and Switzerland (+14.7 bn compared with +9.5 bn). The EU27 trade deficit increased with Russia (-56.5 bn compared with -45.1 bn) and Norway (-27.9 bn compared with -21.8 bn), remained nearly stable with China (-87.0 bn compared with -86.8 bn), but fell with Japan (-12.2 bn compared with -13.0 bn) and South Korea (-2.7 bn compared with -7.2 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+88.9 bn euro in January-July 2011), followed by the Netherlands (+26.5 bn) and Ireland (+25.0 bn). The United Kingdom (-66.5 bn) registered the largest deficit, followed by France (-51.2 bn), Spain (-26.6 bn), Italy (-20.7 bn), Greece (-10.9 bn) and Portugal (-9.8 bn).


TradingEconomics.com, Eurostat
10/14/2011 5:26:17 PM