Source:Customs

7 JULY 2011

The trade gap widened to € -7.4 billion in May month-on-month although exports moved up to -0.4% to € 34.2 billion and imports inched up +0.3% to €41.6 billion as import intensive driven sectors drove up the deficit overwhelmingly despite the oil bill -8.6% decline to € 2.4 billion.

The manufactured products trade deficit improved to € -4.8 billion due to lower imports, -1%, but five groups respective trade, and for the third consecutive month, aggravated their imbalances despite a surge of exports in value: imports of textile-clothing-footwear grew +1% to € 2.6 billion and outperformed exports +1.8% to € 1.6 billion. Exports of mechanical and IT and electronic products edged down -0.2% while imports surged inversely. Wood-paper-cardboard products imports jumped +3.2% while exports climbed +2.2%.

Exports of transport equipment decreased by 1.9% and imports by 3.9% Rubber-plastic and non metallic mineral products followed a similar pattern as exports increased +2% while imports rose +4.2%. In addition, miscellaneous manufactured products imports grew +1.8% while exports, unlike  fell -1.6%. Exports of pharmaceutical products dropped -1% and imports -2.4%. Exports of metal and metallic products climbed +5.9% to € 2.7 billion   but imports -0.1% decline still totaled € 3.4 billion. As a result, three groups trade surpluses failed to offset the trade gap: the food and agriculture products' amounted to € 563 million, as well as chemical products perfumes and cosmetics € 616 million (a lesser € 112 million compared with March) and pharmaceutical products € 165 million.   

Per region, exports to the European Union, the first export market in value roe +1.6% but imports grew +2%. The Euro area's imports and exports stood at +13% each. Asia, the third export market recorded an export slump -10.9% and imports decreased by 6.8%. Exports to the Americas fell -5.8% and imports -3.8%. The Near and Middle East remained the only region where exports rose +3.3% while imports dipped -1.8%. Exports to Africa picked up +2% and imports +6.4%. On the same period, trade with main trading partners surged: exports with Germany roe +2.7% while imports grew +0.7%. Exports to the UK and Spain increased respectively +14% and +1.8% while imports from the UK inched up +0.3% but fell -0.7% from Spain.

Exports to Russia rebounded +8.8% but decreased -6.4% from the USA and -7.2% from China and Hong Kong. Imports dropped substantially from the USA and China and Hong Kong, respectively -8.1% and- 2.6%, but picked up +4.5% from Russia.