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EU27 surplus of 12 bn in trade in services with Russia in 2011

EU-Russia summit Strong recovery of trade in goods between EU27 and Russia in 2011 An EU27 deficit of 91 bn euro with Russia in 2011

Following a sharp fall in 2009, EU27 trade in goods with Russia grew strongly in 2010 and 2011 to reach record levels. 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 160 bn in 2010 and 199 bn in 2011. As a result, the EU27 trade deficit with Russia rose from 52 bn in 2009 to 74 bn in 2010 and 91 bn in 2011. This increased deficit was due to EU27 imports of energy from Russia, which grew from 120 bn in 2010 to 158 bn in 2011, partially offset by EU27 exports of manufactured goods to Russia, which rose from 74 bn to 95 bn. In 2011, 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 29th European Union - Russia summit, which will take place on 3 and 4 June in St Petersburg in Russia, Eurostat, the statistical office of the European Union, issues the latest data on trade and investments between Russia and the EU.

Germany, Italy and France accounted for half of EU27 exports to Russia

Among the EU27 Member States, Germany (34.3 bn euro or 32% of EU exports) was by far the largest exporter to Russia in 2011, followed by Italy (9.3 bn or 9%) and France (7.5 bn or 7%). Germany (38.0 bn or 19% of EU imports) was also the largest importer, followed by the Netherlands1 (25.8 bn or 13%), Poland (18.1 bn or 9%), Italy (18.0 bn or 9%) and France (13.2 bn or 7%).

Most Member States recorded deficits in trade with Russia in 2011, the largest being observed in the Netherlands1 (-18.7 bn euro), Poland (-12.0 bn), Italy (-8.7 bn), France and Spain (both -5.8 bn) and Finland (-5.7 bn). The highest surpluses were recorded in Latvia (0.7 bn) and Slovenia (0.6 bn).

Just over 85% of EU27 exports to Russia in 2011 were manufactured goods, while energy accounted for more than three quarters of imports.

EU27 trade in goods with Russia

billion euro

 
Russia
Exports 22.7 31.6 34.4 37.2 46.0 56.7 72.3 89.1 104.8 65.6 86.1 108.4
Imports 63.8 65.9 64.5 70.7 84.0 112.6 140.9 145.0 178.1 117.7 160.1 199.4
Balance -41.0 -34.3 -30.1 -33.5 -37.9 -55.9 -68.6 -55.9 -73.3 -52.1 -73.9 -91.0
Total extra-EU27
Exports 849.7 884.7 891.9 869.2 953.0 1 052.7 1 160.1 1 241.0 1 309.2 1 098.1 1 349.6 1 532.2
Imports 992.7 979.1 937.0 935.2 1 027.5 1 179.6 1 352.8 1 435.1 1 566.4 1 207.8 1 509.1 1 688.1
Balance -143.0 -94.4 -45.1 -66.0 -74.6 -126.8 -192.7 -194.1 -257.2 -109.7 -159.4 -155.9
Russia / Total
Exports 2.7% 3.6% 3.9% 4.3% 4.8% 5.4% 6.2% 7.2% 8.0% 6.0% 6.4% 7.1%
Imports 6.4% 6.7% 6.9% 7.6% 8.2% 9.5% 10.4% 10.1% 11.4% 9.7% 10.6% 11.8%

EU27 Member States' trade in goods with Russia



million euro

 
Exports Imports Balance
           

 

EU27 86 131 108 423 160 056 199 404 -73 925 -90 982
Belgium1 3 458 4 804 6 200 8 888 -2 742 -4 084
Bulgaria 3 127 4 125 -2 685 -3 599
Czech Republic 2 673 3 758 4 893 5 234 -2 221 -1 476
Denmark 1 268 1 516 1 033
Germany 26 270 34 324 29 900 37 973 -3 630 -3 649
Estonia 1 324 1 031
Ireland
Greece 4 794 4 100 -4 472 -3 705
Spain 1 953 2 526 6 034 8 290 -4 081 -5 764
France 6 318 7 464 11 700 13 249 -5 382 -5 785
Italy 7 906 9 314 14 633 18 042 -6 727 -8 728
Cyprus -23 -5
Latvia 1 099 1 646
Lithuania 2 450 3 341 5 758 7 429 -3 308 -4 087
Luxembourg
Hungary 2 569 2 588 5 201 6 375 -2 632 -3 787
Malta -1 -2
Netherlands1 5 926 7 106 21 747 25 766 -15 821 -18 660
Austria 2 873 3 578 2 170 3 108
Poland 5 042 6 085 13 625 18 077 -8 583 -11 993
Portugal -293 -423
Romania 1 018 2 040 2 093 -1 209 -1 075
Slovenia
Slovakia 1 932 2 090 4 679 6 212 -2 747 -4 123
Finland 4 716 5 330 9 117 11 069 -4 401 -5 739
Sweden 2 195 3 061 5 452 7 116 -3 257 -4 055
United Kingdom 3 618 4 778 5 740 8 107 -2 123 -3 329
Total extra-EU27 1 349 610 1 532 247 1 509 051 1 688 110 -159 441 -155 863
Russia / Total 6.4% 7.1% 10.6% 11.8%    

EU27 trade in goods with Russia by product

million euro

 
Exports Imports Balance
           

 

Total 86 131 108 423 160 056 199 404 -73 925 -90 982
             
Primary goods: 10 309 12 118 124 420 163 071 -114 111 -150 953
Food & drink 8 183 9 081 7 577 8 083
Raw materials 1 414 1 971 3 945 4 453 -2 531 -2 482
Energy 1 066 119 869 157 620 -119 158 -156 554
Manufactured goods: 74 423 94 777 19 794 22 730 54 629 72 047
Chemicals 15 578 17 933 4 707 5 681 10 871 12 253
Machinery & vehicles2 38 510 52 247 1 317 1 681 37 193 50 565
Other manuf’d goods2 20 334 24 597 13 769 15 368 6 565 9 229
Other 1 400 1 527 15 843 13 603 -14 443 -12 076

EU27 surplus of 12 bn in trade in services with Russia in 2011

EU27 exports of services with Russia increased between 2010 and 2011, while imports remained almost stable. In 2011, the EU27 exported 25.4 bn euro of services to Russia, while imports amounted to 13.6 bn, meaning that the EU27 had a surplus of 11.8 bn in trade in services with Russia, compared with +7.8 bn in 2009 and +9.6 bn in 2010. The surplus in 2011 was mainly due to surpluses for travel (+5.8 bn), other business services3 (+3.0 bn), computer & information services (+1.5 bn) and financial services (+1.2 bn), partially offset by a deficit in transportation (-1.2 bn). Russia accounted for almost 4% of total extra-EU27 trade in services.

EU27 trade in services with Russia

million euro

 
Exports Imports Balance
                 

 

Total 19 039 23 309 25 433 11 231 13 693 13 636 7 807 9 617 11 797
of which:                  
Transportation 3 658 4 597 5 245 4 635 6 631 6 484 -978 -2 033 -1 239
Travel 4 419 5 949 7 721 1 732 1 749 1 886 2 686 4 201 5 835
Other services 10 894 12 767 12 448 5 022 5 298 5 238 5 872 7 469 7 210
of which:                  
Communications services
Construction services 1 290 1 626 1 211
Insurance services -9 -118 -16
Financial services 1 908 2 349 1 679 1 320 1 925 1 195
Computer and information services 1 229 1 597 1 591 1 119 1 451 1 459
Royalties and license fees
Other business services3 5 147 5 636 6 043 2 883 3 239 3 003 2 263 2 397 3 040
Personal cultural and recreational services
Government services n.i.e.
Total extra-EU27 483 705 546 905 579 461 419 144 454 506 470 372 64 560 92 398 109 089
Russia / total extra-EU27 3.9% 4.3% 4.4% 2.7% 3.0% 2.9%      

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 8.3 bn in 2009, increased to 18.6 bn in 2010, then turned into a disinvestment of 2.3 bn in 2011, while Russian direct investment into the EU27 increased from 2.0 bn in 2008 to 11.3 bn in 2009, decreased to 7.0 bn in 2010 and fell further to 1.4 bn in 2011.

EU27 FDI flows with Russia

(million euro)

  2011*
EU27 FDI in Russia 26 375 8 252 18 645 -2 340
Russian FDI in the EU27 2 010 11 283 7 021 1 376

* Provisional data

1. 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 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.

2. 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.

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

 

 

Published by: Eurostat Press Office Louise CORSELLI-NORDBLAD Tel: +352-4301-33 444 eurostat-pressoffice@ec.europa.eu   Eurostat News Releases on the internet: http://ec.europa.eu/eurostat For further information on trade in goods data: Gilberto GAMBINI Tel: +352-4301-35 806 estat-etfree@ec.europa.eu For further information on trade in services data: Franca FAES-CANNITO Tel: +352-4301-33 394 franca.cannito@ec.europa.eu For further information on FDI data: Radoslav ISTATKOV Tel: +352-4301-30 101 radoslav.istatkov@ec.europa.eu  

Date: 2015-12-18; view: 942


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