EU trade balance shows $ 118 billion surplus in January-July

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ANKARA

The EU’s external trade balance recorded a surplus of 99.7 billion euros ($ 118.4 billion) in January-July, the Union’s statistical authority revealed on Wednesday.

The seven-month figure was down from € 101.8 billion in the same period last year, according to Eurostat data.

The 27-member bloc’s merchandise exports fell 12.2% year-on-year due to the novel coronavirus pandemic, reaching € 1.1 trillion in the first seven months of this year.

Its imports from the rest of the world reached 990 billion euros, a decrease of 13% during the same period.

Intra-EU27 trade also fell by 11.9% on an annual basis to reach almost 1.6 trillion euros in January-July.

– 6th commercial partner

The US was the top market for EU exporters with € 203 billion, down 9.9% from the same period last year.

The other main EU export markets were the UK, China, Switzerland, Russia and Turkey.

On the other hand, China was the main source of imports, with 216.7 billion euros, an annual growth of 4.9% in January-July.

It was followed by the United States, the United Kingdom, Switzerland, Russia and Turkey.

In January-July, the bloc’s trade balance recorded the highest deficit with China – 104.8 billion euros – and the largest surplus with the United States, with 82.7 billion euros (98 billions of dollars).

Turkey was the EU’s sixth trading partner in the first seven months of this year, with a trade volume of 72.5 billion euros.

EU exports to Turkey totaled 37.8 billion euros, while imports from the country amounted to 34.7 billion euros during the same period.

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