Extra-euro area trade in goods
From Statistics Explained
- Data from May 2011. Most recent data: Further Eurostat information, Main tables and Database.
The aim of this article is to provide an overwiew of the main characteristics of the extra-euro area trade in goods. All the series between 2000 and 2010 have been recalculated to include all the 17 members of the euro area (EA-17).
Contents |
Main statistical findings
In 2010, extra-euro area (EA-17) trade increased to EUR 3 086 billion from EUR 2 545 billion in 2009, corresponding to a growth of 21 %. EA-17 imports rose by 22 % and exports by 20 %. The EA-17 trade balance went from a surplus of EUR 15 billion in 2009 to a deficit of EUR 9 billion in 2010.
In 2010, the United Kingdom was the leading partner for extra-EA-17 exports, accounting for almost 13 % of all exports, followed by the United States. China led for imports with 13.5 % of total EA-17 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 2010, machinery and vehicles made up 41.5 % of EA-17 exports and 31.2 % of EA-17 imports.
Euro area trade by main partners
Over the whole period 2000-2010, the United Kingdom was the leading trading partner for extra EA-17 trade, followed by the United States. For EA-17, there was always a positive trade balance with both countries. In 2010, the United Kingdom accounted for 11% of all extra EA-17 trade and the United States for 10 %. China was the third most important trading partner in 2010, only marginally behind the United States and Russia was fourth with 6%.
Every year over the period, the United Kingdom was the leading trading partner for extra EA-17 exports, with an increase in trade value of 4 % between 2000 and 2010. The United States was second every year with an increase over the same period of 5 %.
EA-17 trade with China increased by 311% between 2000 and 2010, 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-17 imports and has remained in that position since.
In 2010, EA-17 trade with China totalled EUR 305 billion, of which EUR 210 billion were imports. The United Kingdom was the second most important trading partner for EA-17 imports in 2010. In spite of a fall of 10% over the period 2000-2010, the United States was third and Russia was fourth.
EA-17 trade with Russia grew by 181 % over the period, with imports always higher than exports. In 2010, EA-17 trade with Russia totalled EUR 175 billion, of which EUR 111 billion were imports. The United Kingdom, the United States, China and Russia together accounted for 37 % of all extra-EA-17 trade in 2010.
Euro area trade by product
By far the most important trade group for both extra EA-17 imports and exports was machinery and vehicles, with a trade value in 2010 of EUR 1120 billion. EUR 638 billion were exports which represented 41% of the value of all extra EA-17 exports in 2010. Within that group, exports of road vehicles in 2010, with an increase of 38% on 2009, amounted to EUR 161 billion but did not reach the values recorded in 2007 and 2008 (EUR 173 and 170 billion respectively).
EA-17 imports of machinery and vehicles were dominated by electrical machinery which increased by 26% between 2000 and 2010 and amounted to EUR 105 billion in 2010. In spite of a fall in 2009, 2010 imports were 19% higher than in 2008.
In 2010, the second most important trading group for extra EA-17 trade was other manufactured goods, with trading values amounting to EUR 748 billion, of which EUR 375 billion were imports. Import trade was dominated by articles of apparel and clothing accessories (EUR 59 billion), miscellaneous manufactured articles (EUR 57 billion), non ferrous metals (EUR 37 billion), manufactures of metals (EUR 32 billion) and iron and steel (EUR 30 billion). Imports of all these categories fell in 2009 and recovered in 2010, but while import values of apparel and clothing accessories and miscellaneous manufactured articles were higher than in 2008, the remainder did not reach 2008 levels.
Export trade for other manufactured goods was dominated by miscellaneous manufactured articles (EUR 54 billion), manufactures of metal (EUR 44 billion), iron and steel (EUR 43 billion) and professional, scientific and controlling instruments and apparatus (EUR 40 billion). Import values for all these categories fell in 2009, with only the professional, scientific and controlling instruments and apparatus exceeding in 2010 the level recorded in 2008. Looking at the product groups that showed a trade deficit for extra EA-17 in 2010, total trade in energy products amounted to EUR 406 billion of which EUR 335 billion were imports. The dominant imports were petroleum and petroleum products amounting to EUR 247 billion, which represented 16 % of the value of all EA-17 imports in 2010 and an increase of 35 % on 2009.
Total trade in raw materials in 2010 amounted to EUR 112 billion of which EUR 74 billion were imports. The most imported products in this group were metalliferous ores and metal scrap which recovered from a fall of 46 % in 2009 to reach EUR 30 billion – slightly more than the 2008 level.
Data sources and availability
EU data comes from Eurostat’s COMEXT database. COMEXT is the Eurostat reference database for external trade. It provides access not only to both recent and historical data from the EU Member States but also to statistics of a significant number of third countries. External trade aggregated and detailed statistics disseminated from Eurostat website are compiled from COMEXT data according to a monthly process. Because COMEXT is updated on a daily basis, data published on the website may differ from data stored in COMEXT in case of recent revisions.
EU data are compiled according to community guidelines and may, therefore, differ from national data published by Member States. Statistics on extra-euro area trade are calculated as the sum of trade of each of the euro area Member States with countries outside the euro area (including EU Members which are not in the euro area). In other words, the euro area is considered as a single trading entity and trade flows are measured into and out of the area, but not within it.
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.
Further Eurostat information
Publications
- External and intra-European Union trade - Data 2004-09
- Extra euro area trade rose by a fifth in 2010 after a fall in 2009
- Monthly bulletin on external and intra-European Union trade
Main tables
- External Trade, see:
- External trade aggregated data (t_ext)
Database
- External Trade, see:
- External trade aggregated data (ext)
- External trade detailed data (detail)
Dedicated section
Methodology / Metadata
- External trade data (ESMS metadata file - ext_esms)
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