Goods trade with Latin America rebounds between 2009 and 2010; EU trade deficit falls by a third

Since 2002, the EU has recorded a deficit in trade in goods with the 17 countries composing Latin America. In 2010, the deficit was €5.9 billion, by far its lowest level since 2002. The main products imported from Latin America were metalliferous ores (essentially from Brazil). On the export side, the main products were road vehicles and general industrial machinery and equipment (essentially to Brazil). For trade in services, there was a 12% decrease between 2008 and 2009, following a 20% rise a year earlier. The EU continued to run large surpluses with Brazil, Mexico and Venezuela. EU-27 foreign direct investment flows with the Latin American economies fell by 24% between 2008 and 2009. While there were increases for Mexico and Argentina, this was offset by a decline in Brazil. FDI stocks saw continued growth in 2009.