Source:Customs

9 AUGUST 2011

The trade gap moved down to € -5.6 billion in June month-on-month pushed down by a lower oil bill, -14%, but exports stayed flat to € 34.5 billion on the same period while imports dipped -2% to € 40.1 billion and reflected lesser demand from import intensive sectors including aerospace, the automobile industry, and consumer related products. Exports of fisheries-agricultural products and wood dropped -4.8% to € 1.3 billion but the trade balance remained positive to €406 million as imports fell -9% to € 891 million.

Imports of hydro products-electricity and waste declined -3.3% to € 4.8 billion and allowed for the trade deficit to move down to € -3.9 billion compared with €-4 billion a month earlier. The manufactured Industry recorded a similar pattern due to lesser imports, -1.4% to € 35 billion while exports -0.2% dip totaled € 31.4 billion leading to a trade gap of € -3.6 billion, shorter by 11%. Out of that major export component, the Food and Agriculture Industry products fell -1.8% to € 3.2 billion and cut the trade balance by 13.4% as imports rose +0.4%.
Electric-electronic equipment and IT products -3.4% exports drop to € 6.4 billion led to a larger trade deficit as imports of € 8.3 billion or -1.3% decline still surpassed sales.

Transport equipment remained on a positive curve with a total € 6.8 billion worth of exports, -0.6% however, while imports -8.5% to € 5.4 billion led to € 1.4 billion trade balance close to November 2010 record € 1.5 billion.

Other industrial products posted a higher trade gap as exports decreased by -0.8% to € 13.7 billion  while imports rescinded -0.2% to € 16.2 billion. The textile-clothing-leather and footwear trade deficit froze at € 1.2 billion for the third  consecutive month since exports rose a modest +0.5% to € 1.5 billion while imports +0.3% gain amounted to € 2.6 billion. Among major products, the pharmaceutical industry exports picked up +1.2% to € 8.3 billion but imports remained on the rise +4% to € 1.9 billion and shrank the trade balance by 25% to € 153 million.

Per region, exports to the European Union rose +0.4% with sales to the UK up 2.6% while imports from the Union fell -1.3% (-0.5% from the UK). Exports to the Euro area inched down -0.1% as sales to Spain rose +3.4% while sales to Italy and Germany stayed in negative territory. Imports to the currency union decreased by 0.9%. Exports to Africa plunged -7% while imports fell -1%. The Americas and miscellaneous regions recorded a drop of exports, respectively -10% and -25.2% while imports dipped -4.6% and -9.1%. Exports to the Near and Middle East as well as Asia rebounded respectively +5.8% and +7.2%. Imports from the first region rose +7.4% but fell -1.5% from Asia.