The first estimate for the euro area (EA15) trade balance with the rest of the world in January 2008 gave a 10.7 bn euro deficit, compared with -7.3 bn in January 2007. The December 2007 balance was -4.1 bn, compared with +2.3 bn in December 2006. In January 2008 compared with December 2007, seasonally adjusted exports and imports rose by 7.4%

The first estimate for the January 2008 extra-EU27 trade balance was a deficit of 30.7 bn euro, compared with -26.0 bn in January 2007. In December 2007, the balance was -17.6 bn, compared with -10.0 bn in December 2006. In January 2008 compared with December 2007, seasonally adjusted exports rose by 6.2% and imports by 4.9%.

EU27 2007 detailed results

The EU27 energy deficit decreased (-269.5 bn euro in 2007 compared with -280.8 bn in 2006), while the surplus rose for machinery and vehicles (+129.9 bn compared with +101.5 bn).

EU27 trade with most of its major partners grew, with the exception of exports to the USA (-3% in 2007 compared with 2006) and Japan (-2%), and imports from Norway and South Korea (both -3%). The largest increases were recorded for exports to Russia (+23%), India (+21%), Brazil (+20%), Norway (+13%) and China (+12%), and for imports from Brazil (+20%), China (+19%), India (+16%) and Turkey (+12%).

The EU27 trade surplus fell with the USA (+80.4 bn euro in 2007 compared with +93.8 bn in 2006) and remained nearly stable with Switzerland (+15.9 bn compared with +16.1 bn). The EU27 trade deficit grew with China (-159.2 bn compared with -131.0 bn), Japan (-34.2 bn compared with -32.5 bn) and Brazil (-11.2 bn compared with -9.4 bn), but decreased with Russia (-54.3 bn compared with -68.6 bn), Norway (-33.3 bn compared with -40.7 bn) and South Korea (-14.6 bn compared with -17.9 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+195.4 bn euro in 2007), followed by the Netherlands (+43.5 bn), Ireland (+28.5 bn), Sweden (+13.0 bn) and Belgium (+12.9 bn). The United Kingdom (-132.6 bn) registered the largest deficit, followed by Spain (-96.0 bn), France (-44.6 bn), Greece (-37.9 bn), Romania (-21.6 bn), Portugal (-19.4 bn) and Poland (-17.4 bn).