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

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EU27 Member States' trade in goods with Russia

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EU27 trade in goods with Russia by product

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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

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

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* 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.

Date: 2015-12-18; view: 1167