EU – Baltic States, Modern EU

EU trade with states around the world shows great disproportions. Thus, while trade balance with the US stays at surplus with about € 57 bln/yearly, there is a remarkable trade deficit with Russia (about € 22, 3 bln) and China (over € 83 bln). 

For example, the EU export to China is at € 84.2 bln and imports at €167.4; hence a deficit at € 83.2 bln. And so is export to Japan at € 26.5 bln with imports at € 30.1 bln with a deficit at € 5.8 bln. Export to Norway - € 24.8 bln with import to the EU at € 38.3 bln makes a deficit at over € 6,5 bln. Export to India is at € 19.6 bln while import at € 20.4 bln, with a deficit of € 1.6 bln. 

The Commission’s idea of increasing EU export to the outside world and decrease import has not fulfilled. Thus, during January-June 2016, extra-EU28 exports of goods fell to € 850.4 bln (- 4% compared with January-June 2015), and imports fell to € 833.5 bln (also -4% compared with January-June 2015).

As a result, the EU-28 has recorded the same surplus level: €16.9 bln in 2016, compared with € 19.8 bln in January-June 2015.

Intra-EU28 trade has raised to €1 556.1 bln in January-June 2016, +1% compared with January-June 2015.

Main products in trade

Among products in the EU-28 trade with the outside world there are primary and manufactured goods; the latter are more valuable in the total figures and in profit. However, trade with “primaries” is in deficit, while trade with manufactured goods is in a solid surplus. 

= Primary goods: exports at €122.6 bln with imports at €264.1 bln with a deficit of € 96.7bln. Among primary goods, there are food & drink: exports - € 55.1 bln, imports at € 54.2 bln with a positive balance of € 1.4 bln. Raw materials: exports at € 23.0 bln imports at € 37.0 bln with a deficit of € 12.8 bln. Energy: exports stay at € 44.6 bln, imports at €172.8 bln with a huge deficit of € 85.3bln.

= Manufactured goods: exports stay € 731.4 bln and imports at € 581.3 bln with a positive balance of € 127.3 bln. Among manufactured goods, there are chemicals (export at € 158.6 bln, imports at € 94.3 bln with a surplus of € 60.8 bln), machinery & vehicles (export at € 370.6 bln and import at € 262.8 bln with a surplus of € 93.5 bln) and other manufactured goods (export at € 202.3 bln, import at € 224.2 bln with a deficit at € 27.0 bln).  

Euro-area states’ trade

The EU euro area states (EA-19) export of goods to the rest of the world in the first part of 2016 was €178.8 billion (however, a decrease of 2% compared with June 2015 (€182.8 bln).

It is always that the EU-global trade is positive: thus imports from the rest of the world stood at € 149.5 bln, a fall of 5% compared with June 2015 (€ 157.4 bln).

As a result, the euro area recorded a € 29.2 bln surplus in trade in goods with the rest of the world in first half of 2016, compared with + € 25.5 bln in June 2015.

Intra-euro area trade, however slightly fell to € 150.2 bln in June 2016, down by 1% compared with June 2015.

Baltic States’ export-import

The general denominator for the Baltic States is common – deficit both in trade within the EU and with the outside world.

For example, Estonia’s export with the outside world stays at € 5.8 bln while total imports is at € 6.7 bln with about one billion deficit (precisely - € 0.9 bln).

Estonian trade inside the EU is also slightly negative: export to the EU countries is at € 4, 4 bln with import at € 5,5 bln which makes a deficit of about 8% or € 1.1 bln.

Latvia’s global export stays at € 5.1 bln with the total import at € 6 bln which makes a deficit of about € one billion. Trade within the EU is the following: export at € 3,6 bln and import at € 4,8 bln with a deficit of about 1,9 bln. Strange enough: Latvia with more population and stronger industry exports less goods than Estonia! 

Lithuania’s situation is rather different, though slightly negative too (quite notable: the amount of trade is almost twice that of its neighbors). Thus, Lithuania’s total export stays at € 10.7 bln with import from outside world at € 11,8 bln with a deficit of €1,1 bln.   Trade within the EU states stays at: in export with € 6.6 bln and import at € 8.3 bln with a deficit of about € 1.4bln.   

Reference: Eurostat publication at:

http://ec.europa.eu/eurostat/documents/2995521/7591212/6-16082016-AP-EN.pdf/7abdf449-7d53-495a-8951-cc2c3316b15c