EU chem imports from Asia up 91% in 1999-2005

07 September 2006 13:43  [Source: ICIS news]

LONDON (ICIS news)--European Union annual chemical imports from East Asia soared by 91% to €18.97bn ($24.15bn) between 1999 and 2005, EU statistics agency Eurostat said on Thursday.

 

Chemical exports from the EU to the 13 Asian Countries in the Asia-Europe Meeting (ASEM) grew by 65% to €23.74bn during the same period.

 

The balance of chemicals trade widened from €4.49bn in 1999 to €4.77bn in 2005.

 

Overall imports of goods from East Asia grew 63% to €335.69bn in the five year period, while exports increased to €160.64bn, up 62% from 1999.

 

The ASEM partners (China, Japan, South Korea plus 10 Southeast Asia states) accounted for around 22% of the EU 25’s total external trade in goods in 2005 - 15% of exports and 28% of imports, said Eurostat.

 

The report said that the total share of the ASEM partners had not changed significantly since 1999, because the increased importance of China in EU25 trade had been counterbalanced by a reduction in trade with Japan. Chinese goods made up nearly half of all ASEM exports to the EU25 in 2005

 

EU25 trade with the ASEM partners was dominated by manufactured goods, which accounted for around 90% of both imports and exports in 2005. As a result, the deficit of €175bn registered for manufactured goods accounted for nearly all the deficit with the ASEM partners.

 

The  10 Southeast Asian countries in the ASEM are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

By: Mark Watts
+44 20 8652 3214

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