Eurostat: “Extra-EU trade in goods“, Data from May 2014.
International trade – especially the size and evolution of imports and exports – is an important indicator of the performance of the European Union (EU) economy, showing how it interacts with other countries and its status in the international economy.
This article takes a close look at recent trends in imports and exports, focusing on extra-EU trade, the main trading partners, and the most traded products.
Main statistical findings
European Union trade in goods recovered in both imports and exports after the rapid decline of 2009, following the financial turmoil at the end of 2008. However, in 2013 imports showed a reduction in comparison to 2012, while exports continued to grow, even if at a reduced speed. As a result, in 2013 the EU trade balance was positive for the first time since the beginning of the series (2002). In 2013 about 40 % of EU imports came from Asian countries while the other European countries accounted for more than a quarter. The main destination for EU exports in 2013 was Asia with about one third of the total, followed by other European countries (28 %) and North America (19 %). The EU has a considerable deficit in trade with Asian countries, while the largest surplus is recorded in trade with North America.
Main EU partners
The USA has traditionally been the EU’s major trading partner but its relative significance has declined in recent years, in particular in exports. Between 2002 and 2013 the US proportion of total EU exports fell from 28 % to 17 %. Nevertheless, from 2009 the surplus with the USA has been increasing, and in 2013 it reached a record level since 2006.
China has become a main player in world trade in recent years. The EU trade with China has more than tripled since 2002. Since 2005 China ranks first among EU imports suppliers, while Russia is the second since 2011 . China is the third destination for EU exports, just after Switzerland. The EU records the largest bilateral deficit in trade with China. Other large deficits are measured in trade with Russia and Norway, while the traditional deficit with Japan has been largely reduced in recent years. The EU posts the only large-scale trade surplus in trade with the USA.
Context
Europe is the world’s largest exporter of manufactured goods and services, and is itself the biggest export market for around 80 countries. Trade is an important indicator of Europe’s prosperity and place in the world, and the bloc has become deeply integrated into global markets both for the products it sources and the exports it sells.
Because the 28 Member States of the European Union share a single market and a single external border, they also have a single trade policy. Both in the World Trade Organization, where the rules of international trade are agreed and enforced, and with individual trading partners, EU Member States speak and negotiate collectively.