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EU posts $2.8B trade deficit in January

Intra-EU27 trade fell to $280B in January, down 0.9% compared with same month in 2019, says Eurostat

The EU’s foreign trade deficit posted a €2.6 billion ($2.8 billion) in January, compared with €3.7 billion ($4 billion) in the same month in 2019, the bloc’s statistical office revealed on Wednesday.

According to Eurostat, the first estimate for extra-EU27 exports of goods in January 2020 was €166.5 billion, up 0.4% compared with €165.8 billion in January 2019.

Intra-EU27 trade fell to €255.3 billion in January 2020, down 0.9% compared with the same month last year.

“Imports from the rest of the world stood at €169.0 billion, down by 0.2% compared with €169.3 billion in January 2019,” it said.

The U.S. was the bloc’s main trade partner, with €19.7 billion imports from the union and €31.2 billion in exports in the month.

By export volume, the U.K., China, Switzerland and Russia followed the U.S. in the month, said EuroStat.

China was the top source of EU imports with €34.6 billion, followed by the U.S., the U.K., Russia and Switzerland.

Country-to-country trade balances indicated that the EU incurred the largest deficit with China nearly €19.5billion and the highest surplus with the U.S. €11.6 in the same month.

Meanwhile, In January to December 2019, the EU recorded a surplus of €197.1 billion, compared with €152.3 billion over the same period in 2018.

Source
Anadolu Agency
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