European Union’s balance of trade deficit with China increase 37%

24 November 2005

Lisbon, Portugal, 24 Nov – The European Union’s (EU) balance of trade deficit with China increased by 37% year-on-year in the period from January to August 2005, according to the latest figures from Eurostat.

According to the EU’s statistics organization exports in the period from the 25 EU member states to China totaled 32.6 billion euros, 2% more than in the same period of the previous year.

Imports of Chinese products increased by 23% to 97.5 billion euros.

Among the various trade balances of the EU China is currently the one with the greatest deficit, followed by Russia. The trade deficit with China is of 32.2 billion euros following an increase of around a third due to an increase in oil prices on the international market.

The energy sector is the one with the greatest disparity as by August it stood at 136.4 billion euros, a 49% increase in relation to the same year-ago period.

Despite increases in exports of machinery and vehicles, the European balance of trade deficit increased this year from 46 billion euros to 72.2 billion euros.

Sales in the 25 EU countries to foreign markets increased 9% to 711.5 billion euros, 12% more than last year.

According to the latest figures from Eurostat, the greatest surplus were recorded in Germany (109.1 billion euros), the Netherlands and Ireland while the largest deficits were recorded in the United Kingdom (65.5 billion euros), Spain and France. (macauhub)