The first estimate for the euro area (EA15) trade balance with the rest of the world in July 2008 gave a 2.3 bn euro deficit, compared with +5.0 bn in July 2007. The June 2008 balance was -0.2 bn, compared with +7.5 bn in June 2007. In July 2008 compared with June 2008, seasonally adjusted exports rose by 3.7% and imports by 5.8%.

The first estimate for the July 2008 extra-EU271 trade balance was a deficit of 21.5 bn euro, compared with -13.6 bn in July 2007. In June 20082, the balance was -20.0 bn, compared with -9.1 bn in June 2007. In July 2008 compared with June 2008, seasonally adjusted exports rose by 3.9% and imports by 4.1%.

EU27 January-June 2008 detailed results

The EU27 energy deficit increased (-181.1 bn euro in January-June 2008 compared with -122.0 bn in January-June 2007), while the surplus for machinery and vehicles rose (+74.2 bn compared with +57.6 bn).

EU27 trade with most of its major partners grew, with the exception of exports to the USA and Japan (both -4% in January-June 2008 compared with January-June 2007), and imports from South Korea (-4%), Japan (-3%) and the USA (0%). The largest increases were recorded for exports to Russia (+24%), Brazil (+20%) and China (+16%), and for imports from Russia and Norway (both +27%).

The EU27 trade surplus fell with the USA (+32.4 bn in January-June 2008 compared with +38.1 bn in January-June 2007) while it increased with Switzerland (+9.4 bn compared with +6.9 bn). The EU27 trade deficit grew with Russia (-37.4 bn compared with -28.4 bn) and Norway (-24.2 bn compared with -15.8 bn), and remained nearly stable with China (-72.2 bn compared with -72.6 bn) and Japan (-17.4 bn compared with -17.6 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+103.2 bn euro in January-June 2008), followed by the Netherlands (+21.8 bn) and Ireland (+13.0 bn). The United Kingdom (-61.1 bn) registered the largest deficit, followed by Spain (-50.2 bn), France (-31.9 bn) and Greece (-18.1 bn).