An EU27 trade deficit of 17 bn euro with the LAC countries in 2007

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Between 2000 and 2007, EU27 exports of goods to the 33 Latin American and Caribbean1 (LAC) countries grew more slowly than imports: exports rose from 59 billion euro to 75 bn, while imports increased from 54 bn to 92 bn.

As a result, the EU27 balance of trade with the LAC countries turned from a 5 bn surplus in 2000 to a 17 bn deficit in 2007. The LAC countries accounted for around 6% of the EU27's total external trade in goods in 2007.
On the occasion of the fifth European Union - LAC summit, which will take place on Friday 16 May 2008 in Lima in Peru, Eurostat, the Statistical Office of the European Communities, issues data on trade in goods and services between the 33 Latin American and Caribbean countries and the 27 Member States of the EU.

Exports dominated by manufactured goods, imports by primary products

In 2007, EU27 exports of primary products to the LAC countries amounted to 7.6 bn euro and imports to 54.6 bn, resulting in a deficit of 47.0 bn. EU27 exports of manufactured goods to the LAC countries were 65.2 bn and imports 35.7 bn, with a surplus of 29.6 bn.
Half of EU27 exports to the LAC countries in 2007 were machinery and vehicles2, while food and drink accounted for nearly 30% of imports. At the detailed level, the main EU27 exports to the LAC countries were aircraft & parts, petrol, motor cars & parts, medicine and ships, while the main imports were crude oil, copper & copper ore, soya beans, iron ore, coffee and bananas.

Germany largest trading partner of the LAC countries amongst Member States

Among the EU27 Member States, Germany (20.4 bn euro, or 27% of the total) was by far the largest exporter to the LAC countries in 2007, followed by Italy (11.2 bn or 15%), Spain (9.1 bn or 12%) and France (9.0 bn or 12%).
Imports from the LAC countries were less concentrated. Germany (16.2 bn or 18%) was the largest importer, followed by the Netherlands3 (15.7 bn or 17%), Spain (13.6 bn or 15%), Italy (10.5 bn or 11%) and the United Kingdom (9.2 bn or 10%).
The largest surpluses in trade with the LAC countries in 2007 were recorded by Germany (+4.2 bn euro), France (+1.8 bn) and Sweden (+1.0 bn). The largest deficits were registered by the Netherlands3 (-10.5 bn), Spain (-4.5 bn), the United Kingdom (-4.1 bn), Belgium3 (-3.4 bn) and Portugal (-1.6 bn).

Brazil largest trading partner of the EU27 amongst the LAC countries

Among the LAC countries, Brazil (21.3 bn euro, or 28% of the total) was the leading destination for EU27 exports in 2007, followed by Mexico (20.9 bn or 28%). The leading source of EU27 imports from the LAC countries was also Brazil (32.6 bn or 35%), followed by Chile (12.6 bn or 14%) and Mexico (11.9 bn or 13%). The EU27 recorded its largest surplus with Mexico (+9.0 bn euro), well ahead of Panama (+2.0 bn). The largest EU27 deficits were registered with Brazil (-11.3 bn), Chile (-7.9 bn), Peru and Argentina (both -2.6 bn) and Costa Rica (-2.0 bn).

EU27 Member States trade with the LAC countries - million euro

EU27 trade with the LAC countries by product - million euro

EU27 trade with the LAC countries - million euro

An EU27 surplus of 2.2 bn euro in trade in services with the LAC countries

In 2006, the EU27 exported 22.3 bn euro of services to the LAC countries, while imports of services amounted to 20.1 bn, meaning that the EU27 had a surplus of 2.2 bn in trade in services with the LAC countries. The LAC countries accounted for just over 5% of the EU27's total trade in services in 2006.
Among the LAC countries, and as for trade in goods, Brazil (5.2 bn euro or 23% of EU27 exports and 4.6 bn or 23% of EU27 imports) and Mexico (18% and 13% respectively) were the largest traders of services with the EU27 in 2006. The EU27 registered its largest surpluses in services with Mexico (+1.4 bn) and Chile (+1.1 bn), and the largest deficit with Cuba (-0.9 bn).

EU27 trade in services with the LAC countries, 2006 - million euro

1. The 33 countries of Latin America and the Caribbean are: Antigua and Barbuda, Argentina, Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominica, the Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay and Venezuela.

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 articles include leather, rubber, wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks, watches and cameras.

3. 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 the LAC 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 the LAC. To a lesser extent, Belgian trade figures are similarly over-estimated.

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