EU - Russia Summit EU27 deficit in trade of goods with Russia down to 65 bn euro in the first nine months of 2012

Reference: STAT/12/188 Event Date: 19/12/2012

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STAT/12/188

19 December 2012

EU - Russia Summit
EU27 deficit in trade of goods with Russia down to 65 bn euro in the first nine months of 2012

Following a sharp fall in 2009, EU27 international trade in goods with Russia recovered in 2010 and 2011. EU27 exports to Russia fell from 105 billion euro in 2008 to 66 bn in 2009, then rose to 86 bn in 2010 and 108 bn in 2011. Imports decreased from 178 bn in 2008 to 118 bn in 2009, then increased to 161 bn in 2010 and 199 bn in 2011. As a result, the EU27 trade deficit with Russia rose from 52 bn in 2009 to 75 bn in 2010 and 91 bn in 2011.

The first nine months of 2012 showed continued growth in EU27 trade with Russia. Exports rose by 15%, from 79 bn in the first nine months of 2011 to 91 bn in the same period of 2012, while imports increased by 5%, from 149 bn to 157 bn. As a result of this faster growth in exports, the EU27 trade deficit with Russia decreased from 70 bn in the first nine months of 2011 to 65 bn in the same period of 2012. In the first nine months of 2012, Russia was the EU27's third most important trading partner after the USA and China, accounting for 7% of EU27 exports and 12% of EU27 imports.

On the occasion of the 30th European Union - Russia summit, which will take place on 20 December in Brussels, Eurostat, the statistical office of the European Union, issues the latest data on trade and investments between Russia and the EU.

Germany accounts for about a third of EU27 exports to Russia and a fifth of imports from Russia

Among the EU27 Member States, Germany (28.2 bn euro or 31% of EU exports) was by far the largest exporter to Russia in the first nine months of 2012, followed by Italy (7.3 bn or 8%), France (7.0 bn or 8%) and the Netherlands (6.1 bn or 7%). Germany (29.6 bn or 19% of EU imports) was also the largest importer, followed by the Netherlands1 (22.1 bn or 14%), Poland (15.8 bn or 10%), Italy (13.9 bn or 9%) and France (8.7 bn or 6%).

Eighteen Member States recorded deficits in trade with Russia in the first nine months of 2012, the largest being observed in the Netherlands1 (-15.9 bn euro), Poland (-10.2 bn), Italy (-6.6 bn) and Spain (-3.9 bn). Surpluses were modest, the highest being recorded in Denmark (+0.7 bn).

Just over 85% of EU27 exports to Russia in the first nine months of 2012 were manufactured goods, while energy accounted for more than three quarters of imports.

EU27 Member States' international trade in goods with Russia

million euro

EU27 international trade in goods with Russia by product

million euro

EU27 international trade in goods with Russia

billion euro

EU27 surplus of 10 bn in trade in services with Russia in 2011

EU27 exports of services with Russia remained nearly stable between 2010 and 2011, while imports rose slightly. In 2011, the EU27 exported 24.1 bn euro of services to Russia, while imports amounted to 14.3 bn, meaning that the EU27 had a surplus of 9.8 bn in trade in services with Russia, compared with +7.3 bn in 2009 and +10.2 bn in 2010. The surplus in 2011 was mainly due to surpluses for travel (+5.9 bn), computer & information services (+1.5 bn) and financial services (+1.4 bn), partially offset by a deficit in transportation (-1.4 bn). Russia accounted for 3.5% of total extra-EU27 trade in services.

EU27 international trade in services with Russia

million euro

Strong decline of FDI flows between the EU27 and Russia in 2011

EU27 Foreign Direct Investment (FDI) into Russia fell from 26.4 bn euro in 2008 to 9.0 bn in 2009, increased to 25.5 bn in 2010, and then fell again to 6.3 bn in 2011, while Russian direct investment into the EU27 increased from 2.0 bn in 2008 to 12.4 bn in 2009, then decreased to 7.1 bn in 2010 and fell further to 0.3 bn in 2011.

EU27 FDI flows with Russia

(million euro)

• 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 therefore recorded in harmonised EU external trade statistics, in Dutch ports. This then has a positive effect on the external trade balances with Russia 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 Russia. 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 include leather, rubber, wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks, watches and cameras.

3. Other business services comprise merchanting and other trade-related services, operational leasing services and miscellaneous business, professional and technical services.

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