The first estimate for euro-zone1 trade with the rest of the world in August 2002 was a 9.6 billion euro surplus, against +5.5 bn in August 2001. The revised2 July 2002 balance was +13.9 bn, compared with +8.5 bn in July 2001. Euro-zone trade recorded a surplus of 66.9 bn euro for the first eight months of 2002, against +19.7 bn in 2001.
The first estimate for August 2002 extra-EU15 trade was a 2.3 bn euro surplus, compared with a 2.7 bn deficit in August 2001. In July 2002, there was a revised2 surplus of 5.3 bn, against a 0.4 bn deficit in July 2001. The EU15 recorded a surplus estimated at 2.9 bn in the first eight months of 2002 compared with -45.6 bn in 2001. The figures come today from Eurostat, Statistical Office of the European Communities in Luxembourg.
EU15 January-July 2002 detailed results
The energy deficit decreased (-63.3 bn in January-July 2002 compared to -71.5 bn in January-July 2001), while the surplus for machinery and vehicles increased (+53.7 bn compared to +41.7 bn). The surplus in the chemicals sector also increased (+42.2 bn compared to +36.8 bn).
EU15 trade flows with its three largest partners, the USA, Switzerland and Japan, decreased. The largest falls were recorded in imports from Japan (-16%), the USA (-12%), Norway (-8%) and Russia (-7%), and in exports to Japan (-8%) and Switzerland (-6%). The most notable increases were in imports from the Czech Republic (+11%) and exports to Russia (+15%), Turkey (+14%) and China (+11%).
EU15 trade with the USA was characterised by an increase in the EU surplus (+34.8. bn in January-July 2002 compared to +22.4 bn in January-July 2001) while EU15 trade with Japan showed a decrease in the EU deficit (-15.3 bn compared to -20.9 bn). The EU15 trade deficit with China remained stable (-25.5 bn compared to -25.7 bn). The highest EU15 trade deficit in January-July 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 (+73.6 bn euro), followed by Ireland (+22.5 bn). The United Kingdom registered the largest deficit (-37.5 bn), followed by Spain (-19.2 bn).