EU trade deficit with South America at 17 billion Euros

In the period between the year 2000 and 2007 exports from the EU27 to the 33 Latin American and Caribbean countries (LAC) increased less than imports from this region. While exports increased from 59 billion to 75 billion Euros, imports grew from 54 to 92 billion Euros. Thus, there was a trade deficit of 17 billion Euros at the end of the year 2007.

In the meantime the Latin American and Caribbean countries account for 6% of the EU27ยด trade, as was reported by the Statistical Office of the EU (Eurostat) in the context of the fifth summit of the European Union and the LAC countries on Friday in Lima, Peru.

Most products exported to the LAC region are industrial ones while the goods imported from there are mostly basic materials. Thus, exports of industrial goods from the EU27 to the LAC region amounted to 65.2 billion Euros, while imports of such products reached 35.7 billion which resulted in an export surplus of 29.6 billion Euros.

Half of all EU27 exports to the LAC countries were machines and motor vehicles. An important role played air planes and components thereof as well as medicine and ships. With regard to imports, foodstuffs accounted for almost 30% of all imports, in particular crude oil, copper, copper ores, soy beans, ores, coffee and bananas.

Among the EU27 member states Germany was the most important exporting country to the LAC region in the year 2007 (20.4 billion Euros or 27% of the total export volume), followed by Italy (11.2 billion or 15%), Spain (9.1 billion or 12%) and France (9.0 billion or 12%). With regard to imports from the LAC, Germany was the most important importing country (16.2 billion or 18%), followed by the Netherlands (15.7 billion or 17%), Spain (13.6 billion or 15%), Italy (10.5 billion or 11%) and the United Kingdom (9.2 billion or 10%).

The biggest trade surpluses with regard to the LAC countries in the year 2007 were registered by Germany (+4.2 billion Euros, France (+1.8 billion) and Sweden (+1.0 billion). The biggest deficits were accumulated by the Netherlands (-10.5 billion), Spain (-4.5 billion), Great Britain (-4.1 billion), Belgium (-3.4 billion) and Portugal (-1.6% billion).

Among the LAC countries Brazil received the lion share of European exports (21.3 billion Euros or 28% of the total export volume), followed by Mexico (20.9 billion or 28%). The most important exporting country in the LAC region was also Brazil (32.6 billion or 35%), followed by Chile (12.6 billion or 14%) and Mexico (11.9 billion or 13%). The EUs biggest surplus was generated in the trade with Mexico (+9.0 billion Euros), followed by Panama (+2.0 billion). The most important deficits of the EU27 were accumulated in the business with Brazil (-11.3 billion), Chile (-7.9 billion), Peru and Argentina (-2.6 billion each) as well as Costa Rica (-2.0 billion). GERMAN

Explanations:

  • EU27: Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and Great Britain.