August 2016 Euro area international trade in goods surplus €18.4 bn €7.4 bn deficit for EU28 | WPN World People News

Euro area

The first estimate for euro area (EA19) exports of goods to the rest of the world in August 2016 was €160.3 billion, an increase of 8% compared with August 2015 (€148.1 bn). Imports from the rest of the world stood at €141.9 bn, a rise of 4% compared with August 2015 (€136.9 bn). As a result, the euro area recorded a €18.4 bn surplus in trade in goods with the rest of the world in August 2016, compared with +€11.2 bn in August 2015. Intra-euro area trade rose to €121.6 bn in August 2016, up by 6% compared with August 2015.

These data are released by Eurostat, the statistical office of the European Union.

In January to August 2016, euro area exports of goods to the rest of the world stood at €1 335.3 bn (a decrease of 1% compared with January-August 2015) and imports at €1 156.6 bn (a decrease of 3% compared with JanuaryAugust 2015). As a result the euro area recorded a surplus of €178.7 bn, compared with +€151.9 bn in JanuaryAugust 2015. Intra-euro area trade remained stable at €1 117.4 bn in January-August 2016 compared with January-August 2015.

European Union

The first estimate for extra-EU28 exports of goods in August 2016 was €136.5 billion, up by 3% compared with August 2015 (€132.1 bn). Imports from the rest of the world stood at €143.9 bn, up by 8% compared with August 2015 (€133.8 bn). As a result, the EU28 recorded a €7.4 bn deficit in trade in goods with the rest of the world in August 2016, compared with -€1.7 bn in August 2015. Intra-EU28 trade rose to €228.5 bn in August 2016, +6% compared with August 2015.

In January to August 2016, extra-EU28 exports of goods stood at €1 130.2 bn (a decrease of 4% compared with January-August 2015) and imports at €1 117.3 bn (a decrease of 3% compared with January-August 2015). As a result, the EU28 recorded a surplus of €12.9 bn, compared with +€29.1 bn in January-August 2015. Intra-EU28 trade rose to €2 035.1 bn in January-August 2016, +1% compared with January-August 2015.

Geographical information

The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Methods and definitions

Since the introduction of Intrastat for intra-EU trade on 1 January 1993, the value of dispatches has been consistently higher than that of arrivals. In theory, as dispatches are declared FOB and arrivals CIF, the value of arrivals should be slightly higher than that of dispatches. Eurostat uses dispatches as the more reliable measure of total intra-EU trade as, at aggregated levels, total dispatches has better coverage than total arrivals. Due to this divergence in intra-EU trade, and to the difficulties of interpreting figures in absolute terms at the level of individual Member States, trade balances for individual Member States must be interpreted with caution. The same caution applies to the trade balance of the euro area, which includes some intra-EU trade.

National concepts may differ from the harmonised methodology used by Eurostat, leading to differences between figures in this release and those published nationally, both for raw data and for seasonally adjusted series. Products are classified according to the Standard international trade classification (SITC), Revision 4.

Revisions and timetable

This News Release is based on data available on 11 October 2016. These are provisional figures based on information provided by Member States. They are subject to frequent revision for up to two years after the month in question.

Source: European Commission