Extra EU-27 trade falls by 20 per cent in 2009

Extra EU-27 trade fell by a fifth between 2008 and 2009. Imports fell by more than exports, leading to a reduction in the overall trade deficit of over €150 billion, almost 60%. EU-27 remained the largest player in the world in trade in goods in 2008, the latest year for which comparable data are available. EU-27’s exports of goods to the United States fell by more than the overall average, but it remained by far the most important destination. However, exports to Russia, which had become the second largest trading partner for exports in 2008, fell by over one third between 2008 and 2009, putting Russia in fourth place behind Switzerland and China. China remained the largest source of EU-27 imports in 2009, recording a fall of 13% since 2008, much lower than the overall fall of 23%. In contrast, EU-27 imports from Russia, Norway, Japan and Brazil all fell by over one quarter. While all member states recorded falls in both exports and imports in 2009, the reductions were particularly marked in Greece, Lithuania, Bulgaria, Romania and Finland, all of whom saw falls of over 30% in total trade.

Eurostat: News Release No.85, 2010: Euro area external trade surplus 1.8 bn euro http://ec.europa.eu/eurostat/en/web/products-press-releases/-/6-15062010-BP

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