What are trade statistics for the EU?

The European Union is the world’s biggest trader, accounting for nearly 20 % of global exports and imports. The United States is the EU’s largest trading partner, followed by China and Russia. Two-way trade flows across the Atlantic are worth close to €400 billion a year

Open trade among members of the EU has led to the single European market with freedom of movement for people, goods, services and capital. The Union therefore takes a lead in pushing for further trade liberalisation at world level for the benefit of rich and poor countries alike. Trade sanctions - e.g. removing trade preferences or limiting or freezing trade with a partner in breach of human rights or other international standards of behaviour - are also a tool of European foreign policy.

Trade flows with China

China is Europe's fastest growing export market. Europe exported €78.4 billion worth of goods to China in 2008, a rise of 9% compared to 2007. Exports from the EU to China grew by 65% between 2004 and 2008. Europe runs a surplus on trade in services with China - € 5.7 billion in 2008 (up from €3.9 billion in 2007). This is about 30 times smaller than its trade deficit for goods, which was €169 billion in 2008.<br\>

Europe's imports from China have grown by around 18% per year for the last five years. In 2008, the EU imported €248 billion worth of goods from China. China is Europe's biggest source of manufactured imports. Two decades ago China and Europe traded almost nothing.<br\>

Preliminary data suggests that EU-China trade has decreased in 2009 due to the economic downturn. European imports from China have gone down, while EU exports to China seem to have remained largely stable.<br\>

The trade deficit with China is focused on office and telecom equipment, textiles and iron and steel. The trade deficit reflects a huge shift within the economies of Asia to focus production in China. Although imports from China have surged, Asia's share of total EU imports has increased only moderately, by 10% over the last decade. However, the deficit still reflects the considerable problems EU businesses have accessing the Chinese market.<br\>

China is the most frequent location of anti dumping investigations by the EU. The EU currently has 50 antidumping measures in force against Chinese imports in order to correct unfair trading practices. However, these affect only about 1% of Chinese imports to the EU. In 2009, there have only been four new anti-dumping investigations started regarding Chinese imports.<br\>

Reference

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