EU-27 exports of goods to the USA down 18% in 2009. Exports to China remain at the same level

2009 was marked by a considerable drop in the total value of goods traded: EU-27 exports to the selected countries decreased by 16% and imports from these countries fell by 20%. The United States of America (USA) remains the EU’s most important trading partner. The value of EU imports from China (incl. Hong Kong) was more than double that of exports, resulting in a high EU trade deficit. In terms of product category, ‘Medicinal and pharmaceutical products’, a less economic crisis-sensitive product category, moved up in the export rankings in 2009, often surpassing ‘Machinery and transport equipment’ (especially road vehicles). The picture is more contrasted for imports but oil and gas further dominate EU imports from the EFTA countries (especially Norway) and Russia. Trade in services has declined in 2009. Services are mainly exchanged with the USA (compared to 2008, services exports to the USA decreased by 12% and imports by 5%), followed by the EFTA countries. Direct investments from the USA increased substantially in 2009 while EU investments to the USA decreased, in sharp contrast with the situation in 2008.