17 JANUARY 2012

The EU 27 trade gap improved to €- 7.2 billion in November year-on-year (from € -16.8 billion) according to Eurostat latest figures, and month-on-month, exports rose +2.8% while imports fell -0.6%. The Euro area recorded € 6.9 billion trade surplus with the rest of the world on the same yearly period while month-on-month exports grew +3.9% and imports stabilized. In October 2011, the single currency region's trade balance was € 1 billion compared with € 3.1 billion a year earlier.

On the January-October 2011 period, the EU 27 energy deficit jumped +28% to
€ -317.5 billion as crude oil prices soared on the same period with spikes nearing +7% during the Libyan revolution.

However, the region's manufactured goods trade surplus rose to €198.9 billion (from €136.4 billion a year earlier). Out of BRIC countries, and expressed in non-seasonally adjusted figures, exports rose the fastest to Russia +28%, China +21%, India +20%, and Turkey +23%. The biggest imports increases were also recorded from Russia +26%, Brazil and India +20% each and Norway +20%.

The trade surplus with the USA  rose +1.2% to € 60.8 billion, the region' s leading export market as exports grew +7% to € 213.9 billion while imports rose +9% to €153.1 billion. Inversely, the trade gap with China widened, +5.4%, despite exports +21% to €111.6 billion as imports rose +5% to € 243.8 billion. With Russia, the third export market, the trade deficit stood at € -76 billion and grew by nearly 20% as imports +26% increase to € 164.8 billion outperformed exports +28% rise to €88.8 billion.