EA June 2008 trade deficit at 0.1 billion euro n.s.a. - exports still strong

EA15 exports n.s.a. grew by 5% in June 2008 compared with a year earlier. In April 2008 exports grew by 16%. In the first six month exports are still up a healthy 7% and imports up 10% from a year earlier. Within the main trading partners exports contracted 4% to the U.S. and 1% to Japan in the January to May period compared to a year earlier. Exports to the UK grew by 2% and exports to China by 15% from a year earlier. Imports from Japan were also negative at -2% in the Jan-May period compared to last year. Within member states exports contracted in the UK by -1% in the January to May period compared to last year. Exports contracted also in Ireland by -5% and Greece by -1% from a year earlier. Exports in Spain and Italy grew by 8% and in Denmark by 10% in the Jan-May period compared to a year earlier. Imports to Spain were up 9% and imports to Italy and Denmark were 7% higher compared to a year earlier. Imports contracted to the UK, Ireland Greece and Estonia.

From Eurostats: EU27 January-May 2008 detailed results:
The EU27 energy deficit increased (-148.6 bn euro in January-May 2008 compared with -102.2 bn in January-May 2007), while the surplus for machinery and vehicles rose (+59.9 bn compared with +44.0 bn).

EU27 trade with most of its major partners grew, with the exception of exports to the USA (-4% in January-May 2008 compared with January-May 2007) and Japan (-2%), and imports from Japan (-3%), the USA (-1%) and South Korea (0%). The largest increases were recorded for exports to Russia (+26%), Brazil (+21%) and China (+17%), and for imports from Russia (+27%) and Norway (+25%).

The EU27 trade surplus fell with the USA (+26.9 bn in January-May 2008 compared with +30.5 bn in January-May 2007) while it increased with Switzerland (+8.0 bn compared with +6.1 bn). The EU27 trade deficit grew with Russia (-31.2 bn compared with -24.1 bn) and Norway (-19.8 bn compared with -13.8 bn), but decreased with China (-60.6 bn compared with -61.2 bn) and Japan (-14.6 bn compared with -15.2 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+83.3 bn euro in January-May 2008), followed by the Netherlands (+18.3 bn) and Ireland (+10.7 bn). The United Kingdom (-50.1 bn) registered the largest deficit, followed by Spain (-41.6 bn), France (-25.6 bn) and Greece (-14.8 bn).
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source: Euro area external trade deficit 0.1 bn euro, 20.1 bn euro deficit for EU27
Eurostat, June 2008 http://epp.eurostat.ec.europa.eu/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2008/PGE_CAT_PREREL_YEAR_2008_MONTH_08/6-18082008-EN-AP.PDF
read also: EA May 2008 preliminary trade deficit: 4.6 bn euro
Friday, July 18, 2008 http://manonthestreet64.blogspot.com/2008/07/ea-may-2008-preliminary-trade-deficit.html