The value of EU-27 imports from China almost tripled between 2001 and 2008

The USA remains the EU's most important partner in the trade of goods, with a total volume of €436 billion. The rapid growth of EU imports from China has resulted in a high EU trade deficit with China. In terms of imports, the USA remains in second place, EFTA comes third. 'Machinery and transport equipment' remain the EU's most important exports. The picture is less clear for imports: oil and gas dominate EU imports from the EFTA countries and Russia, data processing machinery and electronic equipment were the main imports from China and South Korea, and metalliferous ores and coal comprised the bulk of imports from Canada and Australia respectively. Trade in services takes place mainly with the USA, followed by the EFTA countries. Services, excluding transportation and travel, dominate. Direct investments from the USA were considerably reduced in 2008, whereas EU investments in the USA have remained high. The opposite was observed in Canada, albeit with far lower volumes involved.