Growth in euro area trade accelerates in recent years

The value of EA-16 countries’ trade with the rest of the world rose over the period 2000 to 2007, with growth accelerating in the most recent years. The EA-16 countries recorded trade deficits in only two of the eight years from 2000 to 2007. The United Kingdom and the United States remained the largest destinations for exports from EA-16 between 2000 and 2007. While the United Kingdom and the United States were the largest source of imports in 2000, by 2007 China had overtaken both these countries. Russia grew in importance as a trading partner between 2000 and 2007, being the euro area’s fourth largest source of imports in 2007. In 2007, the most important categories for both imports and exports of the EA-16 were ‘Machinery and transport equipment’, and ‘Other manufactured products’. The EA-16 countries’ largest trade surplus was in ‘Machinery and transport equipment’, followed by ‘Chemicals’, while the largest deficit was seen in ‘Mineral fuels’. Germany was the largest contributor to total extra EA-16 trade between 2000 and 2007, followed by Italy, France and the Netherlands; these countries together provided over 70% of total extra EA-16 trade.