Hellenic Cypriot Press Agency * Κύπρος: EU - USA Summit EU28 surplus in trade in goods with the USA of 92 bn euro in 2013 Surplus of 14 bn in trade in services in 2012

24/3/14

EU - USA Summit EU28 surplus in trade in goods with the USA of 92 bn euro in 2013 Surplus of 14 bn in trade in services in 2012

The USA remained the EU's largest trading partner for both goods and services in 2013. However, there has been a steady decline in the share of the USA in total EU28 international trade in goods over the last decade. While in 2002, the USA accounted for 28% of total EU28 exports and 20% of imports, by 2013 these shares had fallen to 17% and 12% respectively.

Share of the USA in EU28 exports and imports of goods, 2002-2013

After a significant decrease in 2009, the value of EU28 trade in goods with the USA recovered in the following years to reach a peak value for exports of 293 billion euro in 2012, which then fell to 288 bn in 2013. Imports also recovered to a peak value of 206 bn in 2012, and then fell to 196 bn in 2013. The EU28 trade surplus with the USA has increased since 2009, as exports rose more strongly than imports. In 2013, the EU28 had a trade surplus of 92 bn with the USA, up slightly from 86 bn in 2012.

On the occasion of the European Union - USA summit, which will take place on 26 March in Brussels, Eurostat, the statistical office of the European Union, issues data on trade and investments between the USA and the EU.

Germany and the United Kingdom largest EU traders with the USA

Among the EU28 Member States, Germany (89 bn euro or 31% of EU exports of goods) remained in 2013 by far the largest exporter to the USA, followed by the United Kingdom (44 bn or 15%), France and Italy (both 27 bn or 9%), Ireland and Belgium (both 18 bn or 6%) and the Netherlands (17 bn or 6%). Germany (37 bn or 19% of EU imports of goods) remained also the largest importer in 2013, followed by the United Kingdom (35 bn or 18%), the Netherlands¹ (29 bn or 15%), France (27 bn or 14%) and Belgium¹ (24 bn or 12%).

Most Member States recorded a surplus in trade with the USA in 2013. Germany (+52 bn euro) continued to have the largest surplus, followed by Italy (+15 bn), Ireland (+13 bn) and the United Kingdom (+9 bn). The largest deficits were observed in the Netherlands¹ (-12 bn) and Belgium¹ (-6 bn).

EU28 trade with the USA is dominated by manufactured goods, which accounted for 86% of exports and for 79% of imports in 2013.

EU28 international trade in goods with USA and the world

billion euro

	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
USA
Exports	248.0	227.4	235.7	250.8	267.0	259.6	248.1	203.8	242.7	264.1	292.8	288.0
Imports	182.9	158.4	159.7	159.2	170.7	177.4	182.8	155.3	173.4	192.0	206.5	196.0
Balance	65.1	69.0	76.0	91.6	96.4	82.2	65.3	48.5	69.3	72.1	86.3	92.0
Total Extra-EU28
Exports	885.3	861.7	945.2	1 049.5	1 152.4	1 234.3	1 309.1	1 094.0	1 353.2	1 554.3	1 683.1	1 732.9
Imports	937.0	935.2	1 027.4	1 183.9	1 364.6	1 446.8	1 585.2	1 235.6	1 532.1	1 728.3	1 798.3	1 683.4
Balance	-51.7	-73.5	-82.2	-134.4	-212.2	-212.5	-276.1	-141.7	-178.9	-174.1	-115.2	49.5
USA / Total
Exports	28.0%	26.4%	24.9%	23.9%	23.2%	21.0%	18.9%	18.6%	17.9%	17.0%	17.4%	16.6%
Imports	19.5%	16.9%	15.5%	13.4%	12.5%	12.3%	11.5%	12.6%	11.3%	11.1%	11.5%	11.6%

EU28 Member States' international trade in goods with USA

million euro

	Exports		Imports		Balance
	2012	2013	2012	2013	2012	2013
EU28	292 815	287 962	206 490	195 964	86 325	91 998
Belgium¹	20 540	18 137	21 786	23 723	-1 247	-5 587
Bulgaria	371	301	173	195	198	106
Czech Republic	2 788	2 657	1 598	1 509	1 189	1 148
Denmark	5 563	5 267	1 857	1 570	3 707	3 697
Germany	86 375	88 621	38 196	36 605	48 179	52 016
Estonia	584	358	111	133	473	225
Ireland	17 897	18 218	6 382	4 918	11 514	13 300
Greece	1 031	935	572	504	459	431
Spain	9 016	8 675	8 306	8 591	710	84
France	27 033	27 220	26 435	26 650	598	570
Croatia	282	245	361	279	-79	-34
Italy	26 640	27 023	12 660	11 541	13 980	15 482
Cyprus	45	54	73	43	-28	11
Latvia	114	120	95	83	19	37
Lithuania	347	682	245	308	102	375
Luxembourg	312	353	1 770	1 666	-1 457	-1 313
Hungary	1 941	2 098	1 322	1 324	619	774
Malta	176	156	94	127	82	29
Netherlands¹	20 498	17 348	28 803	28 944	-8 305	-11 596
Austria	6 639	6 693	2 753	2 846	3 886	3 847
Poland	2 811	3 359	2 704	2 847	107	512
Portugal	1 865	2 001	961	843	904	1 158
Romania	857	826	816	626	41	200
Slovenia	344	371	310	456	34	-85
Slovakia	1 169	1 164	297	256	872	908
Finland	3 605	3 559	1 327	1 346	2 277	2 213
Sweden	8 603	7 853	4 193	3 278	4 410	4 575
United Kingdom	45 371	43 668	42 289	34 753	3 082	8 915
Total Extra-EU28	1 683 087	1 732 928	1 798 279	1 683 443	-115 192	49 484
USA / Total	17.4%	16.6%	11.5%	11.6%

EU28 international trade in goods with USA by product

million euro

	Exports		Imports		Balance
	2012	2013	2012	2013	2012	2013
Total	292 815	287 962	206 490	195 964	86 325	91 998

Primary goods:	36 291	34 415	34 839	35 496	1 452	-1 081
Food & drink	13 484	13 807	6 623	7 440	6 861	6 367
Raw materials	3 347	3 318	8 512	9 095	-5 165	-5 777
Energy	19 460	17 290	19 705	18 962	-245	-1 672
Manufactured goods:	250 992	247 793	161 285	155 619	89 707	92 174
Chemicals	66 830	62 104	44 038	43 464	22 793	18 640
Machinery & vehicles²	121 156	122 532	78 629	74 391	42 527	48 141
Other manuf’d goods²	63 006	63 158	38 619	37 764	24 388	25 394
Other	5 531	5 754	10 365	4 848	-4 834	905

USA accounts for more than a quarter of EU28 trade in services

Both exports and imports of services between the EU28 and the USA increased significantly between 2010 and 2012. In 2012, the EU28 exported 164.8 billion euro of services to the USA, while imports amounted to 150.9 bn, meaning that the EU28 had a surplus of 14.0 bn in trade in services with the USA, compared with a surplus of 2.9 bn in 2010 and of 6.9 bn in 2011. The surplus in 2012 was mainly due to surpluses in transportation (+10.7 bn), financial services (+8.6 bn), insurance services (+7.2 bn) and computer & information services (+2.7 bn), partially offset by deficits in royalties and license fees (-9.0 bn), other business services³ (-2.7 bn) and communication services (-1.0 bn). The USA is still by far the EU28's largest partner, accounting for 25% of EU28 exports of services and 30% of imports.

EU28 international trade in services with USA

million euro

	Exports			Imports			Balance
	2010	2011	2012	2010	2011	2012	2010	2011	2012
Total	139 692	149 683	164 839	136 743	142 787	150 885	2 949	6 896	13 954
of which:
Transportation	29 632	30 123	33 260	19 689	21 121	22 605	9 943	9 002	10 655
Travel	15 058	15 839	17 151	15 861	17 025	17 522	-802	-1 185	-371
Other services	94 974	103 700	114 395	98 323	102 188	108 315	-3 349	1 512	6 080
of which:
Communications services	4 035	4 211	4 223	3 940	4 063	5 223	95	149	-1 000
Construction services	895	932	922	704	648	687	191	284	235
Insurance services	10 664	10 520	10 028	3 008	2 806	2 792	7 657	7 714	7 236
Financial services	13 851	15 064	18 477	7 415	8 854	9 835	6 435	6 211	8 642
Computer and information services	8 148	8 952	11 270	6 763	7 248	8 559	1 386	1 703	2 711
Royalties and license fees	11 434	13 967	14 877	23 123	22 922	23 847	-11 689	-8 955	-8 970
Other business services³	42 209	45 844	49 874	48 551	51 436	52 579	-6 342	-5 592	-2 705
Personal cultural and recreational services	2 063	2 579	2 881	2 759	2 569	2 759	-696	10	121
Government services, n.i.e.	1 676	1 633	1 844	2 062	1 644	2 035	-386	-11	-191
Total extra-EU28	564 877	608 993	661 927	456 113	478 052	508 548	108 764	130 941	153 379
USA / total extra-EU28	24.7%	24.6%	24.9%	30.0%	29.9%	29.7%

High levels of EU FDI flows with the USA

EU Foreign Direct Investments (FDI) flows with the USA, whilst variable from year to year, have always been at high levels. In 2012, EU28 FDI in the USA amounted to 53 billion euro, compared with 167 bn in 2011. US direct investment into the EU28 accounted for 92 bn in 2012, compared with 264 bn in 2011.

EU28 FDI flows with USA

million euro

	2005	2006	2007	2008	2009	2010	2011	2012
EU28 FDI flows to the USA	32 682	95 206	172 963	125 940	93 203	59 061	167 315	53 289
USA FDI flows to the EU28	60 187	76 855	197 611	38 846	112 892	77 642	264 371	91 544

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 USA 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 USA. To a lesser extent, Belgian trade figures are similarly over-estimated.
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 goods includes articles made of leather, rubber and wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks, watches and cameras.