The first estimate for the euro area (EA15) trade balance with the rest of the world in February 2008 gave a 0.8 bn euro surplus, compared with -1.6 bn in February 2007. The January 2008 balance was -11.0 bn, compared with -7.3 bn in January 2007. In February 2008 compared with January 2008, seasonally adjusted exports rose by 2.0% while imports fell by 0.4%.

The first estimate for the February 2008 extra-EU27 trade balance was a deficit of 15.3 bn euro, compared with -17.5 bn in February 2007. In January 20082, the balance was -31.2 bn, compared with -26.0 bn in January 2007. In February 2008 compared with January 2008, seasonally adjusted exports rose by 3.3% while imports fell by 0.7%.

EU27 January 2008 detailed results

The EU27 energy deficit increased (-31.1 bn euro in January 2008 compared with -21.6 bn in January 2007), while the surplus rose for machinery and vehicles (+7.8 bn compared with +4.8 bn).

EU27 trade with most of its major partners grew, with the exception of exports to the USA (-2% in January 2008 compared with January 2007) and Japan (0%), and imports from Japan (-3%). The largest increases were recorded for exports to Russia (+28%) and China (+27%), and for imports from Norway (+32%) and Russia (+27%).

The EU27 trade surplus fell with the USA (+4.5 bn euro in January 2008 compared with +5.1 bn in January 2007) but rose with Switzerland (+1.5 bn compared with +1.2 bn). The EU27 trade deficit grew with China (-15.4 bn compared with -14.7 bn), Russia (-7.2 bn compared with -5.8 bn) and Norway (-4.7 bn compared with -3.0 bn), but decreased with Japan (-2.8 bn compared with -3.0 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+17.1 bn euro in January 2008), followed by the Netherlands (+3.2 bn). The United Kingdom (-12.1 bn) registered the largest deficit, followed by Spain (-9.1 bn), France (-5.5 bn), Italy (-4.1 bn) and Greece (-2.9 bn).