An EU27 trade deficit of 17 bn euro with the LAC countries in 2007

Between 2000 and 2007, EU27 exports of goods to the 33 Latin American and Caribbean1 (LAC) countries grew more slowly than imports: exports rose from 59 billion euro to 75 bn, while imports
increased from 54 bn to 92 bn.

As a result, the EU27 balance of trade with the LAC countries turned from a 5 bn surplus in 2000 to a 17 bn deficit in 2007. The LAC countries accounted for around 6% of the EU27’s total
external trade in goods in 2007.
On the occasion of the fifth European Union – LAC summit, which will take place on Friday 16 May 2008 in Lima in Peru, Eurostat, the Statistical Office of the European Communities, issues data
on trade in goods and services between the 33 Latin American and Caribbean countries and the 27 Member States of the EU.

Exports dominated by manufactured goods, imports by primary products

In 2007, EU27 exports of primary products to the LAC countries amounted to 7.6 bn euro and imports to 54.6 bn, resulting in a deficit of 47.0 bn. EU27 exports of manufactured goods to the LAC
countries were 65.2 bn and imports 35.7 bn, with a surplus of 29.6 bn.
Half of EU27 exports to the LAC countries in 2007 were machinery and vehicles2, while food and drink accounted for nearly 30% of imports. At the detailed level, the main EU27 exports to the LAC
countries were aircraft & parts, petrol, motor cars & parts, medicine and ships, while the main imports were crude oil, copper & copper ore, soya beans, iron ore, coffee and
bananas.

Germany largest trading partner of the LAC countries amongst Member States

Among the EU27 Member States, Germany (20.4 bn euro, or 27% of the total) was by far the largest exporter to the LAC countries in 2007, followed by Italy (11.2 bn or 15%), Spain (9.1 bn or 12%)
and France (9.0 bn or 12%).
Imports from the LAC countries were less concentrated. Germany (16.2 bn or 18%) was the largest importer, followed by the Netherlands3 (15.7 bn or 17%), Spain (13.6 bn or 15%), Italy (10.5 bn
or 11%) and the United Kingdom (9.2 bn or 10%).
The largest surpluses in trade with the LAC countries in 2007 were recorded by Germany ( 4.2 bn euro), France ( 1.8 bn) and Sweden ( 1.0 bn). The largest deficits were registered by the
Netherlands3 (-10.5 bn), Spain (-4.5 bn), the United Kingdom (-4.1 bn), Belgium3 (-3.4 bn) and Portugal (-1.6 bn).

Brazil largest trading partner of the EU27 amongst the LAC countries

Among the LAC countries, Brazil (21.3 bn euro, or 28% of the total) was the leading destination for EU27 exports in 2007, followed by Mexico (20.9 bn or 28%). The leading source of EU27 imports
from the LAC countries was also Brazil (32.6 bn or 35%), followed by Chile (12.6 bn or 14%) and Mexico (11.9 bn or 13%). The EU27 recorded its largest surplus with Mexico ( 9.0 bn euro), well
ahead of Panama ( 2.0 bn). The largest EU27 deficits were registered with Brazil (-11.3 bn), Chile (-7.9 bn), Peru and Argentina (both -2.6 bn) and Costa Rica (-2.0 bn).

EU27 Member States trade with the LAC countries – million euro

Exports

Imports

Balance

2000

2007

2000

2007

2000

2007

EU27

59 220

74 942

54 323

91 924

4 897

-16 982

Belgium
Bulgaria
Czech Republic
Denmark
Germany
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom

2 576
49
179
857
15 012
5
782
228
7 209
9 169
9 536
2
6
20
69
171
6
2 578
790
406
425
93
51
58
1 311
2 949
4 685

3 919
171
537
995
20 363
34
1 152
185
9 082
8 966
11 183
1
29
44
121
305
22
5 244
1 483
875
645
295
83
184
1 293
2 638
5 093

3 804
207
321
740
8 340
15
358
380
6 543
6 662
6 421
43
6
44
60
460
19
7 554
331
703
1 171
319
92
74
526
1 160
7 970

7 289
737
220
1 081
16 163
27
467
945
13 550
7 216
10 517
208
22
90
94
232
27
15 695
609
1 367
2 247
622
314
51
1 338
1 596
9 200

-1 228
-158
-142
118
6 671
-10
424
-152
666
2 508
3 115
-42
0
-24
9
-289
-13
-4 976
459
-296
-746
-226
-41
-16
785
1 789
-3 286

-3 371
-566
317
-85
4 200
7
685
-760
-4 468
1 751
667
-207
7
-46
27
72
-5
-10 451
874
-492
-1 602
-327
-231
133
-45
1 041
-4 107

Total Extra-EU27
LAC / Total

849 739
7.0%

1 238 710
6.1%

992 698
5.5%

1 424 229
6.5%

-142 959

-185 520

EU27 trade with the LAC countries by product – million euro

Exports

Imports

Balance

2000

2007

2000

2007

2000

2007

Total

Primary products:
– Food & drink
– Crude materials
– Energy

Manufactured goods:
– Chemicals
– Machinery & vehicles
– Other manuf’d articles

Other

59 220

4 338
3 028
653
656

53 242
9 033
31 715
12 494

1 640

74 942

7 579
2 848
1 016
3 715

65 228
12 883
36 708
15 638

2 135

54 323

31 119
17 446
9 042
4 631

21 070
2 129
10 123
8 819

2 134

91 924

54 609
25 998
18 278
10 333

35 666
3 936
12 057
19 673

1 648

4 897

-26 781
-14 418
-8 388
-3 975

32 172
6 904
21 592
3 676

-494

-16 982

-47 031
-23 151
-17 262
-6 618

29 562
8 946
24 650
-4 035

487

EU27 trade with the LAC countries – million euro

EU27 exports to:

EU27 imports from:

EU27 balance

2000

2007

2000

2007

2000

2007

LAC

59 220

74 942

54 323

91 924

4 897

-16 982

Brazil
Mexico
Chile
Argentina
Venezuela
Colombia
Peru
Costa Rica
Panama
Ecuador
Cuba
Bahamas
Dominican Republic
Trinidad & Tobago
Uruguay
Guatemala
Jamaica
Honduras
El Salvador
Antigua & Barbuda
Paraguay
Suriname
Bolivia
Guyana
Nicaragua
Barbados
St. Vincent & the Grenadines
Belize
St. Lucia
Haiti
St. Kitts & Nevis
Grenada
Dominica

16 854
14 280
3 498
6 222
3 342
1 953
1 034
677
1 641
542
1 450
1 019
1 189
416
873
489
411
211
688
998
284
125
190
73
117
174
175
47
56
109
23
30
31

21 286
20 923
4 684
5 974
3 933
3 088
1 603
965
2 634
891
1 483
1 243
1 019
599
694
666
297
349
556
524
224
240
198
73
130
177
121
77
100
98
37
35
23

18 661
7 404
5 215
5 583
2 767
2 443
1 794
2 700
429
1 036
707
638
323
511
439
487
536
408
239
485
171
175
209
211
231
70
143
143
56
21
36
15
34

32 612
11 902
12 576
8 525
5 413
4 080
4 203
2 997
660
1 777
606
790
799
1 044
795
332
510
434
196
140
424
248
183
203
144
41
96
99
48
29
5
5
11

-1 807
6 876
-1 718
638
575
-490
-760
-2 023
1 212
-494
743
381
866
-95
434
2
-125
-197
448
513
114
-50
-19
-138
-114
104
32
-96
0
87
-13
15
-4

-11 327
9 021
-7 891
-2 552
-1 480
-992
-2 600
-2 031
1 974
-885
877
453
220
-445
-102
334
-213
-85
360
384
-199
-8
15
-130
-14
136
25
-22
52
68
32
30
12

An EU27 surplus of 2.2 bn euro in trade in services with the LAC countries

In 2006, the EU27 exported 22.3 bn euro of services to the LAC countries, while imports of services amounted to 20.1 bn, meaning that the EU27 had a surplus of 2.2 bn in trade in services with
the LAC countries. The LAC countries accounted for just over 5% of the EU27’s total trade in services in 2006.
Among the LAC countries, and as for trade in goods, Brazil (5.2 bn euro or 23% of EU27 exports and 4.6 bn or 23% of EU27 imports) and Mexico (18% and 13% respectively) were the largest traders
of services with the EU27 in 2006. The EU27 registered its largest surpluses in services with Mexico ( 1.4 bn) and Chile ( 1.1 bn), and the largest deficit with Cuba (-0.9 bn).

EU27 trade in services with the LAC countries, 2006 – million euro

Credit

Debit

Net

LAC

22 304

20 148

2 153

Brazil
Mexico
Argentina
Chile
Venezuela
Panama
Dominican Republic
Cuba
Colombia
Peru
Bahamas
Barbados
Ecuador
Jamaica
Uruguay
Trinidad & Tobago
Antigua & Barbuda
Costa Rica
Guatemala
El Salvador
Bolivia
Suriname
Guyana
Honduras
Nicaragua
Belize
St. Lucia
St. Vincent & the Grenadines
Paraguay
Grenada
St. Kitts & Nevis
Dominica
Haiti

5 162
4 091
2 395
2 232
1 516
975
545
342
918
571
637
204
523
154
294
242
176
195
151
224
164
100
118
73
65
74
5
72
59
30
24
17
-44

4 615
2 687
1 654
1 117
719
1 167
1 189
1 225
526
689
546
885
419
478
228
249
310
290
178
74
106
91
56
98
95
84
147
41
48
35
16
14
72

548
1 403
741
1 116
797
-195
-645
-882
391
-119
91
-682
102
-326
66
-5
-133
-93
-27
152
57
9
62
-25
-31
-11
-142
32
12
-5
8
3
-116

Total Extra-EU27
LAC / Total

441 556
5.1%

373 059
5.4%

68 497

1. The 33 countries of Latin America and the Caribbean are: Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, the
Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia, St. Vincent and the
Grenadines, Suriname, Trinidad and Tobago, Uruguay and Venezuela.

2. Machinery and vehicles includes power generating and industrial machinery, computers, electric and electronic parts and equipment, road vehicles and parts, ships, airplanes and railway
equipment.
Other manufactured articles include leather, rubber, wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks,
watches and cameras.

3. Dutch imports, and therefore the trade deficit, are over-estimated because of the «Rotterdam effect», where goods destined for the rest of the EU arrive and are recorded in
harmonised EU external trade statistics in Dutch ports. This then has a positive effect on the external trade balances with the LAC of those Member States to which the goods are re-exported, as
these shipments would be recorded as intra-EU trade with the Netherlands, rather than extra-EU trade with the LAC. To a lesser extent, Belgian trade figures are similarly over-estimated.

Leggi Anche
Scrivi un commento