Euro Area Trade Deficit Narrows in November


The first estimate for the euro area (EA16) trade balance with the rest of the world in November 2010 gave a 0.4 bn euro deficit, compared with +3.1 bn in November 2009.

The October 2010 balance was +4.7 bn, compared with +4.8 bn in October 2009. In November 2010 compared with October 2010, seasonally adjusted exports rose by 0.2% and imports by 4.4%.

The first estimate for the November 2010 extra-EU27 trade balance was a 14.7 bn euro deficit, compared with -7.3 bn in November 2009. In October 2010 the balance was -7.9 bn, compared with -6.4 bn in October 2009. In November 2010 compared with October 2010, seasonally adjusted exports rose by 0.3% and imports by 6.1%.

EU27 detailed results for January to October 2010

The EU27 deficit increased for energy (-238.6 bn euro in January-October 2010 compared with -192.8 bn in January-October 2009), while the surplus for manufactured goods rose (+142.1 bn compared with +127.3 bn).

EU27 trade with all its major partners grew in January-October 2010 compared with January-October 2009. The most notable increases were recorded for exports to Brazil (+50%), China (+38%) and Turkey (+37%), and for imports from Russia (+36%), China (+31%) and India (+30%).

The EU27 trade surplus increased with the USA (+60.6 bn euro in January-October 2010 compared with +37.5 bn in January-October 2009), Switzerland (+16.1 bn compared with +11.3 bn) and Turkey (+15.0 bn compared with +6.3 bn). The EU27 trade deficit increased with China (-139.3 bn compared with -110.3 bn), Russia (-56.5 bn compared with -39.6 bn) and Norway (-29.6 bn compared with -26.4 bn). The deficit remained stable with Japan (-17.5 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+127.6 bn euro in January-October 2010), followed by Ireland (+36.2 bn), the Netherlands (+34.0 bn) and Belgium (+15.8 bn). The United Kingdom (-94.7 bn) registered the largest deficit, followed by France (-50.3 bn), Spain (-42.6 bn), Italy (-21.2 bn), Greece (-19.3 bn), Portugal (-16.4 bn) and Poland (-10.0 bn).


TradingEconomics.com, Eurostat
1/14/2011 1:13:25 PM