Surplus in the trade of goods with Mexico in 2008 does little to offset sharp deficit with Brazil

Since 2002, the EU has recorded a deficit in the trade of goods with the 17 countries composing Latin America. In 2008, the deficit amounted to €18.4 billion, similar to that recorded in 2007 and 2006. Road vehicles and machinery were the products which were most exported to Latin America by the EU whereas imports were clearly dominated by metalliferous ores (especially from Brazil) and petroleum (especially from Venezuela). In 2007, the EU registered a surplus in the overall extra-EU trade in services in all six Latin American countries for which data are available. In travel services with Argentina and Mexico however, a deficit prevailed. With €15.3 billion (60% of the Latin America total), EU investment activities in 2007 were clearly most important in Brazil; Mexico followed with less than half this amount (€6.0 billion).