Despite trade tensions and the weakening of the multilateral system, the European Union's trade with the rest of the world remains dynamic, according to a European Commission report published on Thursday 15 November.
This report includes trade figures for the first three quarters of 2018. From January to September 2018, exports of goods to non-EU countries reached €1,446.9 billion, an increase of 4.1% compared to the same period in 2017, while imports amounted to €1,461.5 billion, up 5.5% compared to 2017.
The EU therefore recorded a deficit of €14.6 billion for the first three quarters of 2018, compared with a surplus of €5 billion for the same period in 2017.
Exports of primary goodswere driven by energy and rising oil prices, with an increase of 15.4% to €211 billion. However, these do not compensate for energy imports, which increased by 24% in parallel, tilting the trade balance negatively for the EU energy trade.
Exports of manufactured goods also increased compared to the same period in 2017, reaching a value of €1,184.2 billion, with a positive trade balance, particularly thanks to chemicals, which rose by 6.9% to €266.4 billion.
Main partners
Compared to the first three quarters of 2017, exports to the United States increased by 6.2%, with imports increasing by only 1.3%. The trade balance with the United States is therefore confirmed at a surplus of €101 billion.
Trade with China, the Union's second most important partner, remains largely in deficit, with a trade balance of -131.8%, despite slightly higher exports, up by 5.9% and imports falling to only 3%.
Exports to Switzerland, the third largest European partner, increased by 5.1%, while imports declined by 3.8% compared to last year, widening the trade balance in favour of the EU.
Euro area trade
From January to September 2018, extra-EU exports of euro area goods amounted to €1,686 billion, up 3.6% compared with the same period in 2017. Imports reached €1,542.9 billion, with a 5.8% increase from January to September 2017.
As a result, the euro area recorded a surplus of €143.1 billion in the first three quarters of 2018, compared with €169.2 billion in the same period in 2017. (original version in French by Hermine Donceel)