Eurozone chemical exports, imports up 4% year to May

LONDON (ICIS)–The eurozone’s exports and imports of chemical products rose 4% during January-May 2014 compared to the same period of 2013, while exports from the EU as a whole decreased 1%, the European statistics office Eurostat said on Monday.

Imports of chemical products in the EU, however, grew up in line with those at the eurozone, 4% during the period January-May compared to the same period of 2013, said Eurostat.

Both the eurozone’s and the EU’s exports in chemical products, however, outpaced imports of those products, resulting in a positive trade balance for Europe. In the case of the eurozone, while exports of chemicals totalled €135.5bn in January-May 2014, imports amounted to €82.1bn, resulting in a positive trade balance for the eurozone of €53.5bn.

In the EU, exports of chemical products during January-May 2014 totalled €113.9bn while imports into the area amounted to €69.3bn, resulting in a positive trade balance for the EU of €44.6bn.

More generally, total exports from the eurozone to the rest of the world amounted during the period January-May 2014 to €786.2bn, flat compared to the same months of 2013. Imports also stayed flat compared to last year at €724bn, which resulted in a positive trade balance for the economic area of €62.2bn.

In the EU, on the other hand, exports fell year on year during the period January-May 2014 to €689.3bn, a decrease of 5%. Imports also fell, 2% to €693.1bn, which resulted in a negative trade balance for the 28-country bloc of €3.8bn.

By countries, the data released by Eurostat shows how sanctions imposed to Russia by the West following the crisis in Ukraine are taking their toll in the commerce between that country and Europe.

During the period January-May, exports from the eurozone to Russia decreased 14% to €32.1bn, while imports from that country into the eurozone fell 7% to €59bn.

EU exports to Russia decreased 12% to €43.6bn, while imports of Russian products into the 28-country bloc declined 8% to €82.2bn.

The main trading partner of the eurozone during the period January-May continued to be the UK, with €104.7bn worth of products sold into the economic area, while the biggest market for the products coming from the eurozone was China, to which the economic area sold €84.1 worth or products.

The EU’s main trading partner, however, was the US with €124.2bn worth of products sold, while the main importer country into the region was China with €115.8bn sold during the January-May period.