The first estimate for the euro area (EA15) trade balance with the rest of the world in June 2008 gave a 0.1 bn euro deficit, compared with +7.5 bn in June 2007. The May 2008 balance was -3.9 bn, compared with +1.2 bn in May 2007. In June 2008 compared with May 2008, seasonally adjusted exports rose by 1.4% and imports by 2.9%.

The first estimate for the June 2008 extra-EU27 trade balance was a deficit of 20.1 bn euro, compared with -9.1bn in June 2007. In May 2008, the balance was -21.3 bn, compared with -15.0 bn in May 2007. In June 2008 compared with May 2008, seasonally adjusted exports rose by 0.5% and imports by 2.7%.

EU27 January-May 2008 detailed results

The EU27 energy deficit increased (-148.6 bn euro in January-May 2008 compared with -102.2 bn in January-May 2007), while the surplus for machinery and vehicles rose (+59.9 bn compared with +44.0 bn). EU27 trade with most of its major partners grew, with the exception of exports to the USA (-4% in January-May 2008 compared with January-May 2007) and Japan (-2%), and imports from Japan (-3%), the USA (-1%) and South Korea (0%). The largest increases were recorded for exports to Russia (+26%), Brazil (+21%) and China (+17%), and for imports from Russia (+27%) and Norway (+25%).

The EU27 trade surplus fell with the USA (+26.9 bn in January-May 2008 compared with +30.5 bn in January-May 2007) while it increased with Switzerland (+8.0 bn compared with +6.1 bn). The EU27 trade deficit grew with Russia (-31.2 bn compared with -24.1 bn) and Norway (-19.8 bn compared with -13.8 bn), but decreased with China (-60.6 bn compared with -61.2 bn) and Japan (-14.6 bn compared with -15.2 bn). Concerning the total trade of Member States, the largest surplus was observed in Germany (+83.3 bn euro in January-May 2008), followed by the Netherlands (+18.3 bn) and Ireland (+10.7 bn). The United Kingdom (-50.1 bn) registered the largest deficit, followed by Spain (-41.6 bn), France (-25.6 bn) and Greece (-14.8 bn).