Euro-zone external trade surplus of 12.0 bn euro in July 2002

4.2 bn euro surplus for EU15

The first estimate for euro-zone trade with the rest of the world in July 2002 was a 12.0 billion euro surplus, against +8.7 bn in July 2001. The revised June 2002 balance was +11.0 bn, compared with +4.8 bn in June 2001. Euro-zone trade recorded a surplus of 54.0 bn euro for the first seven months of 2002, against +13.8 bn in 2001.

The first estimate for July 2002 extra-EU15 trade was a 4.2 bn euro surplus, compared with a 0.3 bn deficit in July 2001. In June 2002, there was a revised2 surplus of 2.5 bn, against a 4.6 bn deficit in June 2001. The EU15 recorded a deficit estimated at 1.9 bn in the first seven months of 2002 compared with -43.4 bn in 2001. The figures come today from Eurostat, Statistical Office of the European Communities in Luxembourg.

The energy deficit decreased (-54.9 bn in January-June 2002 compared to -60.4 bn in January-June 2001), while the surplus for machinery and vehicles strongly increased (+44.4 bn compared to +31.3 bn). The surplus in the chemicals sector also increased (+34.5 bn compared to +30.0 bn).

Growth in EU15 trade flows with its major partners was mixed. The largest falls were recorded in imports from Japan (-18%), USA (-13%) and Russia (-8%), and in exports to Japan (-10%) and Switzerland (-6%). The most notable increases were in exports to Russia (+17%), Turkey (+11%) and China (+10%), and in imports from the Czech Republic (+10%) and Turkey (+5%).

EU15 trade with the USA was characterised by an increase in the EU surplus (+27.6 bn in January-June 2002 compared to +15.7 bn in January-June 2001) while EU15 trade with Japan showed a decrease in the EU deficit (-13.2 bn compared to -18.4 bn). The EU15 trade deficit with China remained stable (-21.8 bn compared to -22.2 bn). The highest EU15 trade deficit in January-June 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 (+61.7 bn euro), followed by Ireland (+19.1 bn). The United Kingdom registered the largest deficit (-31.6 bn), followed by Spain (-16.3 bn).

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(source: Euronet)

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