Euro Area Trade Surplus Widens in November


The first estimate for euro area (EA17) trade with the rest of the world in November 2011 gave a 6.9 bn euro surplus, compared with -2.3 bn euro in November 2010. The October 2011 balance was +1.0 bn, compared with +3.1 bn in October 2010. In November 2011 compared with October 2011, seasonally adjusted exports rose by 3.9%, while imports remained stable.

The first estimate for the November 2011 extra-EU27 trade balance was a 7.2 bn euro deficit, compared with -16.8 bn in November 2010. In October 2011 the balance was -11.2 bn, compared with -9.5 bn in October 2010. In November 2011 compared with October 2011, seasonally adjusted exports rose by 2.8%, while imports fell by 0.6%.

The EU27 deficit for energy increased significantly (-317.5 bn euro in January-October 2011 compared with -246.4 bn in January-October 2010), while the surplus for manufactured goods rose notably (+198.9 bn compared with +136.4 bn).

EU27 trade with all its major partners grew in January-October 2011 compared with January-October 2010, except for imports from South Korea (-8%). The highest increases were recorded for exports to Russia (+28%), Turkey (+23%), China (+21%) and India (+20%), and for imports from Russia (+26%), Norway (+21%), Brazil and India (both +20%).

The EU27 trade surplus increased slightly with the USA (+60.8 bn euro in January-October 2011 compared with +60.1 bn in January-October 2010) and more significantly with Switzerland (+24.1 bn compared with +16.6 bn) and Turkey (+21.3 bn compared with +14.7 bn). The EU27 trade deficit fell with China (-132.2 bn compared with -139.8 bn), Japan (-16.1 bn compared with -18.3 bn) and South Korea (-3.9 bn compared with -9.6 bn), but increased with Russia (-76.0 bn compared with -61.1 bn) and Norway (-38.7 bn compared with -29.8 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+129.2 bn euro in January-October 2011), followed by Ireland and the Netherlands (both +35.9 bn) and Belgium (+10.1 bn). The United Kingdom (-98.2 bn) registered the largest deficit, followed by France (-72.5 bn), Spain (-40.1 bn), Italy (-24.2 bn), Greece (-16.9 bn), Portugal (-13.3 bn) and Poland (-12.0 bn).


TradingEconomics.com, Eurostat
1/13/2012 11:59:35 AM