Eurozone trade balance in August was a €6.6B surplus, versus €14.7B surplus in July, €5.7B deficit in August 2011; EU recorded €12.6B deficit, versus €2.7B surplus in July and €22.1B deficit a year ago

Cindy Allen

BRUSSELS , October 16, 2012 (press release) – The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in August 2012 gave a 6.6 bn euro surplus, compared with -5.7 bn in August 2011. The July 2012 balance was +14.7 bn, compared with +2.1 bn in July 2011. In August 2012 compared with July 2012, seasonally adjusted exports rose by 3.7% and imports by 2.1%. These data are released by Eurostat, the statistical office of the European Union.

The first estimate for the August 2012 extra-EU27 trade in goods balance was a 12.6 bn euro deficit, compared with -22.1 bn in August 2011. The July 2012 balance was +2.7 bn, compared with -10.9 bn in July 2011. In August 2012 compared with July 2012, seasonally adjusted exports increased by 2.9% and imports by 3.3%.

EU27 detailed results for January to July 2012

The EU27 deficit for energy increased (-239.7 bn euro in January-July 2012 compared with -220.0 bn in January-July 2011), as did the surplus for manufactured goods (+204.6 bn compared with +137.8 bn).

EU27 exports to most of its major partners grew in January-July 2012 compared with January-July 2011, except with India (-5%) and Turkey (-1%). The most notable increases were recorded for exports to South Korea (+19%), Russia (+18%) and Japan (+17%). As regards EU27 imports, the pattern was mixed. The largest increases were recorded for imports from the USA (+11%) and Norway (+10%), and the largest falls with India (-9%) and Japan
(-5%).

The EU27 trade surplus increased with the USA (+49.0 bn euro in January-July 2012 compared with +41.0 bn in January-July 2011), fell with Switzerland (+23.8 bn compared with +24.3 bn) and remained unchanged with Turkey (+15.4 bn). The EU27 trade deficit fell with China (-80.5 bn compared with -87.3 bn), Russia (-52.0 bn compared with -59.3 bn) and Japan (-6.2 bn compared with -12.9 bn), but increased with Norway (-31.7 bn compared with
-28.2 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+109.1 bn euro in January-July 2012), followed by the Netherlands (+29.1 bn) and Ireland (+24.8 bn). The United Kingdom (-85.1 bn) registered the largest deficit, followed by France (-48.9 bn) and Spain (-20.5 bn).

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