The first estimate for euro-zone trade with the rest of the world in September 2002 was a 9.5 billion euro surplus, against +4.1 bn in September 2001. The revised August 2002 balance was +10.0 bn, compared with +5.5 bn in August 2001. Euro-zone trade recorded a surplus of 77.1 bn euro for the first nine months of 2002, against +23.8 bn in 2001.
The first estimate for September 2002 extra-EU15 trade was a 1.5 bn euro surplus, compared with a 2.8 bn deficit in September 2001. In August 2002, there was a revised surplus of 2.4 bn, against a 2.7 bn deficit in August 2001. The EU15 recorded a surplus estimated at 4.6 bn in the first nine months of 2002 compared with a deficit of 48.4 bn in 2001. The figures come today from Eurostat, Statistical Office of the European Communities in Luxembourg.
EU15 January-August 2002 detailed results
The energy deficit decreased (-71.8 bn in January-August 2002 compared to -81.5 bn in January-August 2001), while the surplus for machinery and vehicles increased (+62.4 bn compared to +49.5 bn). The surplus in the chemicals sector also increased (+48.1 bn compared to +42.6 bn).
Growth in EU15 trade flows with its major partners was mixed. The largest falls were recorded in imports from Japan (-16%), the USA (-13%), Norway (-8%) and Russia (-6%), and in exports to Japan (-7%) and Switzerland (-6%). The most notable increases were in imports from the Czech Republic (+9%) and Turkey (+6%) and exports to Turkey (+14%), Russia (+13%), and China (+9%). Over the first eight months of 2002, China was the third largest EU trade partner, behind the United States and Switzerland but in front of Japan.
EU15 trade with the USA was characterised by an increase in the EU surplus (+40.3 bn in January-August 2002 compared to +25.3 bn in January-August 2001) while EU15 trade with Japan showed a decrease in the EU deficit (-17.1 bn compared to -23.2 bn). The EU15 trade deficit with China remained stable (-29.6 bn in January-August 2002 and 2001). The highest EU15 trade deficit in January-August 2002 was recorded with China and the highest surplus was registered with the USA.
Concerning the total trade of Member States, the largest surplus was observed in Germany (+84.0 bn euro), followed by Ireland (+25.0 bn). The United Kingdom registered the largest deficit (-42.4 bn), followed by Spain (-22.4 bn).