Economy

EU sees $15.8B trade deficit in Jan-May

In 5-month period, EU’s exports total nearly $925.6B, imports valued at $941.4B

Gökhan Ergöçün   | 16.07.2019
EU sees $15.8B trade deficit in Jan-May

ISTANBUL

The EU's foreign trade balance recorded a €14.2 billion ($15.8 billion) deficit in January-May according to date released by the bloc's statistical office on Tuesday.

The trade deficit was €9.9 billion ($11.5 billion) in the same period last year, the Eurostat data indicated.

Exports from the EU surged 6.1% year-on-year to reach €833.9 billion ($925.6 billion) in the five-month period, while imports stood at €848.1 billion ($941.4 billion), with a yearly increase of 6.6%, it said.

In the same period, intra-EU28 trade rose 3.9% on an annual basis to reach €1.52 trillion ($1.69 trillion).

The U.S. was the bloc's main trade partner, with around €183.7 billion ($203.9 billion) imports from the union and €121.6 billion ($134.97 billion) in exports.

By export volume, China, Switzerland, Russia, and Turkey followed the U.S. in the same period, according to EuroStat.

China was the top source of EU imports at some €168.1 billion ($186.6 billion), followed by the U.S., Russia, Switzerland, and Turkey.

Country-to-country trade balances indicted that the EU incurred the largest deficit with China -- nearly €76.7 billion ($85 billion) -- and the highest surplus with the U.S. -- €62.1 billion ($68.9 billion) over the same period.

Meanwhile, Turkey posted a €4.2-billion ($4.6-billion) trade surplus with the EU, exporting €34 billion ($35.5 billion) and importing €29.8 billion ($33 billion).

The Euro/U.S. dollar exchange rate was 1.11 as of the end of May, down from 1.16 at the same point last year.

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