The first estimate for the euro area (EA15) trade balance with the rest of the world in November 2008 gave a 7.0 bn euro deficit, compared with +2.3 bn in November 2007. The October 2008 balance was +0.5 bn, compared with +4.2 bn in October 2007. In November 2008 compared with October 2008, seasonally adjusted exports fell by 4.7% and imports by 2.5%.

The first estimate for the November 2008 extra-EU27 trade balance was a deficit of 23.8 bn euro, compared with -17.0 bn in November 2007. In October 20082, the balance was -17.2 bn, compared with -15.3 bn in October 2007. In November 2008 compared with October 2008, seasonally adjusted exports fell by 5.7% and imports by 3.2%.

EU27 January-October 2008 detailed results

The EU27 energy deficit increased (-312.3 bn euro in January-October 2008 compared with -215.8 bn in January-October 2007), while the surplus for machinery and vehicles rose (+131.4 bn compared with +101.4 bn).

EU27 trade with most of its major partners grew, with the exception of exports to the USA (-4% in January-October 2008 compared with January-October 2007) and Japan (-3%), and imports from South Korea (-6%) and Japan (-3%). The largest increases were recorded for exports to Brazil (+28%) and Russia (+24%), and for imports from Russia (+29%) and Norway (+27%).

The EU27 trade surplus fell with the USA (+56.2 bn in January-October 2008 compared with +67.5 bn in January-October 2007), while it increased with Switzerland (+14.9 bn compared with +12.7 bn) and Turkey (+8.2 bn compared with +4.4 bn). The EU27 trade deficit grew with China (-138.8 bn compared with -133.4 bn), Russia (-60.8 bn compared with -44.2 bn) and Norway (-40.5 bn compared with -25.4 bn), but fell with Japan (-28.3 bn compared with -29.0 bn) and South Korea (-10.6 bn compared with -14.5 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+158.6 bn euro in January-October 2008), followed by the Netherlands (+35.8 bn) and Ireland (+22.6 bn). The United Kingdom (-101.4 bn) registered the largest deficit, followed by Spain (-78.7 bn), France (-57.2 bn) and Greece (-30.5 bn).