Euro Area 6.7bn External Trade Surplus

The euro area (EU16) had an estimated 6.7bn euro trade balance with the rest of the world in July 2010 compared with a 11.9bn euro surplus in July 2009 and a 2.2bn euro surplus in June 2010. Exports fell by 0.6% and imports by 1.5% between June and July.

In July 2010 the EU27 reported an estimated 5.7bn euro trade deficit compared with a 0.5bn euro surplus in July 2009 and a 9.7bn euro deficit in June 2010. The June 2009 extra-EU27 trade deficit was estimated at 4.1bn euros. Exports increased by 0.3% between June and July 2010 but imports fell by 1.1%.

Euro Services Growth Slows Deficit Growth

The external current account of the EU27 recorded an external current account deficit of 50.8bn euro for Q2 2010. In Q2 2009 the deficit was 44.7bn euro and in Q1 2010 it was 34.8bn euro. There was an external trade balance of 18.6bn euro in services compared with 16.4bn euro in Q2 2009 and 10.8bn euro in Q1 2010.