EU posts $25.4b trade deficit in Jan-August

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BRUSSELS: European Union’s foreign trade balance saw a €23.1 billion ($25.4B billion) deficit in the first eight months of 2019, the bloc’s statistical office revealed on Wednesday. According to Eurostat, the bloc exported goods worth €154.2 billion ($170 billion) in August, down 3.3% from the same period from a year earlier, while the figure for imported goods stood at €166.3 billion (nearly $183 billion). It said the EU’s goods trade recorded €12.1 billion ($13.3) deficit in the same month, compared with €7.9 billion in August 2018.

The trade of goods among the 28 EU member states fell €253.1 billion ($279.1 billion), down by 4.3% year-on-year in August. The EU28 recorded a deficit of €23.1 billion (25.4 billion dollars), compared with €10.3 (11.3 billion dollar) in January-August. In eight-month, period EU’s exports total $1.33 trillion, imports’ value at $1.35 trillion, Eurostat said Germany was the top exporter of goods both in trade within the union and with the rest of the world with €884 billion ($975 billion), followed by the Netherlands with €413.6 billion ($456.3billion) and France with €337.6 ($372.3 billion).

The U.S., China, Switzerland, Russia, Turkey, Norway, Japan, South Korea, India and Canada were the EU28’s top trade partners between January and August. Turkey’s exports to the EU28 rose 5.3% to reach €53.2 billion ($58.6 billion) and its imports from the EU28 were €47.5 billion ($52.3 billion), down 15.3% over the same period.

 

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