January 2009 Euro area external trade deficit 10.5 bn euro 26.3 bn euro deficit for EU27

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1 STAT/09/40 23 March 2009 January 2009 Euro area external trade deficit deficit for EU27 The first estimate for the euro area 1 (EA16) trade balance with the rest of the world in January 2009 gave a 10.5 deficit, compared with bn in January The December balance was -1.7 bn, compared with -4.5 bn in December In January 2009 compared with December 2008, seasonally adjusted exports fell by 10.7% and imports by 7.3%. The first estimate for the January 2009 extra-eu27 1 trade balance was a deficit of 26.3, compared with bn in January In December , the balance was bn, compared with bn in December In January 2009 compared with December 2008, seasonally adjusted exports fell by 16.7% and imports by 8.1%. These data 3 are released by Eurostat, the Statistical Office of the European Communities. EU detailed results The EU27 energy deficit increased ( in 2008 compared with bn in 2007), while the surplus for machinery and vehicles rose ( bn compared with bn). EU27 trade with most of its major partners grew, with the exception of exports to the USA (-5% in 2008 compared with 2007) and Japan (-3%), and imports from Japan and South Korea (both -5%) and Turkey (-2%). The largest increases were recorded for exports to Brazil (+24%) and Russia (+18%), and for imports from Russia and Norway (both +20%). The EU27 trade surplus fell with the USA (+63.1 bn in 2008 compared with bn in 2007), while it increased with Switzerland (+17.6 bn compared with bn) and Turkey (+8.4 bn compared with +5.7 bn). The EU27 trade deficit grew with China ( bn compared with bn), Russia (-68.1 bn compared with bn) and Norway (-48.3 bn compared with bn), but decreased with Japan (-32.4 bn compared with bn), South Korea (-13.7 bn compared with bn) and Brazil (-9.2 bn compared with bn) Concerning the total trade of Member States, the largest surplus was observed in Germany ( in 2008), followed by the Netherlands (+40.5 bn) and Ireland (+28.0 bn). The United Kingdom ( bn) registered the largest deficit, followed by Spain (-90.5 bn), France (-67.9 bn), Greece (-35.7 bn), Poland (-24.6 bn), Portugal (-23.2 bn) and Romania (-22.7 bn).

2 EA16 trade - non seasonally adjusted data Flows Jan 08 Jan 09 Growth Dec 07 Dec 08 Growth Jan-Dec 07 Jan-Dec 08 Growth Extra-EA16 exports % r % % Extra-EA16 imports % r % % Extra-EA16 trade balance r Intra-EA16 dispatches % r % % EU27 trade - non seasonally adjusted data Flows Jan 08 Jan 09 Growth Dec 07 Dec 08 Growth Jan-Dec 07 Jan-Dec 08 Growth Extra-EU27 exports % r 0% r r 5% Extra-EU27 imports % r -6% r r 8% Extra-EU27 trade balance r r r Intra-EU27 dispatches % r -13% r r r 2% r: revised 1. The euro area (EA15) consisted of 15 Member States up to 31 December 2008: Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia and Finland. From 1 January 2009 the euro area (EA16) also includes Slovakia. The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK). As part of Eurostat's guidelines for the dissemination of data when the EU or euro area is enlarged, the aggregate data series commented on refer to the official composition of the euro area in the most recent month for which data are available. Thus News Releases with data for months up to December 2008 commented on EA15 series, while Releases with data for January 2009 onwards comment on EA16 series. 2. The first estimates for December 2008 were -0.7 for the EA15 and for the EU27. See News Release 21/2009 issued on 17 February This News Release is based on data available on 17 March These are provisional figures based on information provided by Member States. They are subject to frequent revision for up to two years after the month in question. Furthermore, national concepts may differ from the harmonised methodology used by Eurostat, leading to differences between figures in this release and those published nationally, both for raw data and for seasonally adjusted series. The next News Release including revised data for January 2009 and first estimates for February 2009 will be issued on 17 April Since the introduction of Intrastat for intra-eu trade on 1 February 1993, the value of dispatches has been consistently higher than that of arrivals. In theory, as dispatches are declared FOB and arrivals CIF, the value of arrivals should be slightly higher than that of dispatches. Eurostat uses dispatches as the more reliable measure of total intra-eu trade as, at aggregated levels, total dispatches has better coverage than total arrivals. Due to this divergence in intra-eu trade, and to the difficulties of interpreting figures in absolute terms at the level of individual Member States, trade balances for individual Member States must be interpreted with caution. The same caution applies to the trade balance of the euro area, which includes some intra-eu trade. Issued by: Eurostat Press Office Tim ALLEN Tel: mailto:eurostat-pressoffice@ec.europa.eu Eurostat news releases on the Internet: For further information on data: Gilberto GAMBINI Tel: Karo NUORTILA Tel: mailto:estat-etfree@ec.europa.eu Selected Principal European Economic Indicators:

3 EA16 trade - previous 6 months - non seasonally adjusted data Flows Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Extra-EA16 exports r r r r Extra-EA16 imports r r r Extra-EA16 trade balance r r -6.7 Intra-EA16 dispatches r r r r EU27 trade - previous 6 months - non seasonally adjusted data Flows Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Extra-EU27 exports r r 99.4 r r r r Extra-EU27 imports r r Extra-EU27 trade balance r r r r r Intra-EU27 dispatches r r r r r EA15 trade - previous 6 months - non seasonally adjusted data Flows Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Extra-EA15 exports r r r r r Extra-EA15 imports r r r Extra-EA15 trade balance r r -6.2 r Intra-EA15 dispatches r r r r: revised Main products - EA16 - non seasonally adjusted data EA16 exports EA16 imports Trade balance Primary products: % % Food & drink % % Crude materials % % Energy % % Manufactured goods: % % Chemicals % % Machinery & vehicles % % Other manuf d articles % % Other % % Total % % Main products EU27 - non seasonally adjusted data EU27 exports EU27 imports Trade balance Primary products: % % Food & drink % % Crude materials % % Energy % % Manufactured goods: % % Chemicals % % Machinery & vehicles % % Other manuf d articles % % Other % % Total % %

4 Main products EA15 - non seasonally adjusted data EA15 exports EA15 imports Trade balance Primary products: % % Food & drink % % Crude materials % % Energy % % Manufactured goods: % % Chemicals % % Machinery & vehicles % % Other manuf d articles % % Other % % Total % % Main trading partners - EA16 - non seasonally adjusted data EA16 exports to EA16 imports from Trade balance United Kingdom % % United States % % China % % Russia % % Switzerland % % Poland % % Czech Republic % % Sweden % % Japan % % Hungary % % Main trading partners EU27 - non seasonally adjusted data EU27 exports to EU27 imports from Trade balance United States % % China % % Russia % % Switzerland % % Norway % % Japan % % Turkey % % South Korea % % Brazil % % India % % Main trading partners EA15 - non seasonally adjusted data EA15 exports to EA15 imports from Trade balance United Kingdom % % United States % % China % % Russia % % Switzerland % % Poland % % Sweden % % Czech Republic % % Japan % % Turkey % % Member States total trade (intra-eu + extra-eu) - non seasonally adjusted data

5 Total exports Total imports Trade balance Belgium % % Bulgaria % % Czech Republic % % Denmark % % Germany % % Estonia % % Ireland % % Greece % % Spain % % France % % Italy % % Cyprus % % Latvia % % Lithuania % % Luxembourg % % Hungary % % Malta % % Netherlands % % Austria % % Poland % % Portugal % % Romania % % Slovenia % % Slovakia % % Finland % % Sweden % % United Kingdom % %

6 Annex - Seasonally adjusted data Seasonally adjusted series have been calculated using one harmonised methodology. The seasonally adjusted series give a complementary view of the monthly evolution of trade. Seasonally adjusted figures may not match those published by Member States due to differences in the raw data 3 in the choice of seasonal adjustment model and to the use of series in national currency or in euro. EA16 trade - seasonally adjusted data Growth: Flows Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Sep/Aug Oct/Sep Nov/Oct Dec/Nov Jan/Dec Extra-EA16 exports % -3.1% -7.4% -2.3% -10.7% Extra-EA16 imports % -3.2% -5.7% -4.8% -7.3% Extra-EA16 trade balance Intra-EA16 dispatches % -3.5% -11.7% -3.5% 0.9% EU27 trade - seasonally adjusted data Flows Growth: Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Sep/Aug Oct/Sep Nov/Oct Dec/Nov Jan/Dec Extra-EU27 exports % -2.5% -6.4% -0.5% -16.7% Extra-EU27 imports % -2.8% -4.2% -5.5% -8.1% Extra-EU27 trade balance Intra-EU27 dispatches % -3.9% -10.9% -6.4% 1.1% Contribution of EU27 Member States to extra-eu27 trade - seasonally adjusted data Total exports Total imports Trade balance Dec 08 Jan 09 Growth Dec 08 Jan 09 Growth Dec 08 Jan 09 EU % % Belgium % % Bulgaria % % Czech Republic % % Denmark % % Germany % % Estonia % % Ireland % % Greece % % Spain % % France % % Italy % % Cyprus % % Latvia % % Lithuania % % Luxembourg % % Hungary % % Malta % % Netherlands % % Austria % % Poland % % Portugal % % Romania % % Slovenia % % Slovakia % % Finland % % Sweden % % United Kingdom % %

7 Seasonally adjusted data Extra-EA16 trade Balance Imports Exports 150 Extra-EU27 trade Balance Imports Exports