Eurozone chemicals trade surplus rises on higher imports, exports

Jonathan Lopez

15-Sep-2014

ContainersLONDON (ICIS)–The eurozone’s exports of chemical products totalled €163.4bn during the January-June period, an increase of 4% year on year, while imports into the region over the same period rose by the same rate, totalling €98.5bn, lifting the bloc’s trade surplus to €65bn, European statistical agency Eurostat said on Monday.

The eurozone’s chemical products trade surplus of €65bn for the January-June period represents an increase year on year of €3.4bn.

The EU as a whole exported €137.5bn worth of chemical products during January-June 2014, registering no growth compared with the same period in 2013.

However, the EU imported €82.9bn worth of chemical products, down 3% year on year, leaving the region’s trade surplus in chemicals for the period at €54.6bn, slightly down from 2013’s figure of €56.7bn, said Eurostat.

The total trade surplus in the eurozone in July stood at €21.2bn, compared with the €18.0bn registered in the same month of 2013. The eurozone registered a €16.7bn surplus in June; up from €15.7bn registered in the same month of 2013.

The trade surplus for the EU as whole in July stood at €1.7bn, compared to €10.8bn registered in July 2013. In June, the EU registered a trade surplus of €2.8bn, compared to the €8.6bn registered in 2013.

The main trading partners of the eurozone continued to be the UK, the US, China and Russia. However, Russia has experienced a notable decrease in both exports to and imports from the eurozone on the back of sanctions imposed as a consequence of the conflict in Ukraine.

The UK imported €126bn worth of total products from the eurozone during January-June, an increase of 8% compared to the same period a year earlier. As the UK economy recovers, imports have increased. Exports from the UK into the eurozone, however, decreased 2% to €81.1bn over the same period.

The US imported €116.2bn worth of products from the eurozone during January-June, an increase of 6% compared to the same period a year earlier. US sales to the eurozone totalled €76.2bn, a rise of 2% compared with the corresponding January-June period in 2013.

China’s imports from the eurozone totalled €63.5bn during January-June, an increase of 8% compared to the same period a year earlier, while its exports to the eurozone also increased, totalling €101.8bn, up 4%.

Russia saw its imports from the eurozone fall 14% to €38.2bn during the January to June period, while Russian exports to the eurozone decreased 6% to €69.9bn.

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