Eurostat: “Extra-euro area trade in goods“, Data from September 2014.
The aim of this article is to provide an overview of the main characteristics of the extra-euro area trade in goods. All the series between 2002 and 2013 have been recalculated to include all the 18 members of the euro area (EA-18).
Main statistical findings
Extra-euro area (EA-18) trade decreased from EUR 3 673 billion in 2012 to EUR 3 632 billion in 2013, corresponding to a fall of -1.1 %. EA-18 imports fell by 3.3 % while exports rose by 1 %. As a result, the EA-18 trade balance went from a surplus of EUR 78 billion in 2012 to a surplus of EUR 157 billion in 2013.
In 2013, the United Kingdom was the leading partner for extra-EA-18 exports, accounting for 12.6 % of all exports, followed by the United States. China led for imports with 11.7 % of total EA-18 imports, followed by the United Kingdom, the United States and Russia.
Both import and export trade were dominated by machinery and vehicles, followed by ‘other manufactured goods’. In 2013, machinery and vehicles made up 41 % of EA-18 exports and 28 % of EA-18 imports.
Euro area trade by main partners
Over the whole period 2002-2013, the United Kingdom was the leading trading partner for extra EA-18 trade, followed by the United States. For EA-18, there was always a positive trade balance with both countries. In 2013, the United Kingdom accounted for 11.1 % of all extra EA-18 trade and the United States for 10.2 %. China (9 %) was the third most important trading partner in 2013 behind the United States, and Russia was fourth with 6.4 %.
Every year over the period, the United Kingdom was the leading trading partner for extra EA-18 exports, with an increase in trade value of 16 % between 2002 and 2013. The United States was second every year with an increase over the same period of 20 %.
EA-18 trade with China increased by 251 % between 2002 and 2013, with imports always significantly higher than exports. By 2007, China had overtaken the United Kingdom and the United States to become the leading trading partner for extra EA-18 imports and has remained in that position since. In 2013, EA-18 trade with China totalled EUR 326 billion, of which EUR 204 billion were imports. The United Kingdom was the second most important trading partner for EA-18 imports in 2011, the United States was third and Russia was fourth.
EA-18 trade with Russia grew by 219% over the period, with imports always higher than exports. In 2013, EA-18 trade with Russia totalled EUR 234 billion, of which EUR 145 billion were imports. The United Kingdom, the United States, China and Russia together accounted for 37 % of all extra-EA-18 trade in 2013.
Context
The euro area is a large and open trading bloc. This makes doing business in euro an attractive proposition for other trading nations, which can access a large market using one currency. Euro area companies also benefit because they can export and import in the global economy while paying, and being paid, in euro, reducing the risk of losses caused by global currency fluctuations.