Archive:Extra-EU trade in goods
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- Data from August 2009, most recent data: 2008 Further Eurostat information, Main tables and Database.
Between 2000 and 2008, EU imports were consistently higher than exports, due mainly to an increasing trade deficit in the energy sector. In 2008, the total EU-27 trade deficit reached a record level of EUR 242.1 billion. The United States was by far the most important trading partner for EU-27 exports in 2008, in spite of a slight fall compared to the previous year. Russia recorded a growth rate of 18% for 2007-2008 and overtook Switzerland to become the second largest trading partner for EU-27 exports. China was the most important trading partner for imports to EU-27. Together, China, the United States and Russia accounted for 39% of imports from outside EU-27 in 2008. Germany remained the largest contributor to EU-27 external trade among the Member States, with more than one fifth of total extra EU-27 trade. Imports of machinery and transport equipment, as well as of other manufactured products, decreased during 2007-2008. Still, these product groups accounted for half the imports from outside EU-27. Petroleum products were by far the most traded product group during 2008, with values of trade boosted by increasing prices. Cars and electrical machinery followed.
Main statistical findings
Every year between 2000 and 2008, the value of EU imports was higher than the value of exports, due mainly to increasing deficits in the energy sector. In 2008, the EU-27 trade deficit reached the record level of EUR 242.1 billion. Total EU trade with the rest of the world rose by more than half from 2000 to 2008. While there was little movement between 2000 and 2003, both exports to and imports from outside the EU rose steadily from 2004 to 2008. The growth of EU-27 trade in 2008 was concentrated in the first three quarters of the year, with a reduction during the last quarter (-2.1% in comparison with the last quarter of 2007). However, imports fell more rapidly than exports in the period, resulting in a decreased trade deficit
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Main EU-27 partners
The United States was by far the main destination for goods from EU-27, representing almost a fifth of all EU exports in 2008, in spite of a slight fall in their imports between 2007 and 2008. Machinery and transport equipment was the largest group of EU exports to the United States in 2008, even after falling by 7.4% during 2007-2008. China remained the most important trading partner for EU-27 imports during 2008. The growth in imports from China was remarkable; compared to the year 2000, imports during 2008 showed an increase of 232%. Over the period 2000-2008, import and export trade with Russia, China and India grew by a twodigit annual rate. In the same period, EU trade with the United States and Japan remained fairly stable, albeit with slight decreases in imports to the EU. From 2007 to 2008, EU-27 exports to Japan decreased somewhat. It is notable that exports of cars from the EU to Japan fell by 12.9%. Germany accounted for more than half of these exports. In contrast, EU-27 exports to Russia showed a strong growth rate of 18% for 2007-2008 and Russia overtook Switzerland to become the second largest trading partner for exports from the EU. In particular, the value of exports of machinery and transport equipment increased by 23.1% during 2007-2008 and accounted for over half of EU exports to Russia. Within this product group, the export of cars to Russia grew by a remarkable 34.8%. The highest growth rate for EU-27 exports during 2007-2008 was recorded for Brazil, due largely to the strong growth in exports of machinery and transport equipment. In particular, exports of industrial machinery and machine parts from Germany to Brazil increased by almost a third in this period. On the import side, EU-27 imports, especially from Russia and Norway, increased sharply from 2007 to 2008. This was mainly due to a large increase in the value of energy products imported into the EU- 27 from both countries. Imports of energy products represented 68% of all EU-27 imports from Russia and rose by 24.6% in 2008. Similarly, energy products made up 62% of all EU-27 imports from Norway and increased by 28.8% in 2008. In particular, the value of imported petroleum products from both countries increased by a fifth. The big rise in the value of energy imports during the most recent years was to a large extent determined by rising prices. The unit value index for EU imports of energy products, which can be used as an indicator for changes in price, more than doubled between 2004 and 2008.
EU-27 trade by main product groups
All main product groups showed increased exports outside the EU-27 in 2008. The biggest rise was recorded for exports of energy products. Within this group, exports of petroleum products in particular showed a strong increase. The second largest increase in exports, although much more moderate, was registered for food and drinks. In particular, exports of cereals rose by 48.5% in 2008. Imports of energy products rose by almost a third in 2008, driven by increasing prices. On the other hand, imports from outside the EU of machinery and vehicles, as well as of other manufactured products, decreased in 2008. Still, together these product groups account for half of the imports into EU-27. Within the group of machinery and vehicles, the most important fall was seen in imports of telecommunications and sound apparatus, which fell by 6.4%. This was followed by imports of cars and of office machinery, which fell by 5.2% and 4.6%, respectively. Among the other manufactured products, it is noticeable that EU-27 imports of non-ferrous metals fell by a remarkable 19.9%; non-metallic mineral manufactures fell by 5.9% and textile yarn by 5%. On the whole, petroleum products were by far the biggest product group traded by EU-27 during 2008, with a total value of EUR 405 billion for imports and exports, with imports accounting for the main share. Far behind in total trade, cars were the second most traded product group. However, they accounted for the highest export value, followed by electrical machinery, apparatus and appliances. Whereas the trade balance for cars was the highest of individual groups (65 billion euro), extra EU-27 exports of electrical machinery, apparatus and appliances were a bit bigger than imports.
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