MercoPress. South Atlantic News Agency

EU 27 and Latam/Caribbean 33 trade reached 140 billion Euros in 2009

Germany is the main exporter to Latam and Brazil to the EU 27

Between 2000 and 2009, the European Union 27 exports of goods to the 33 Latin American and Caribbean (LAC) countries grew more slowly than imports: exports rose from 59 billion Euro to 66 billion, while imports increased from 54 billion to 74 billion, according to a Europa press release on the eve of the Madrid summit.

As a result, the EU27 balance of trade with the LAC countries turned from a 5 billion surplus in 2000 to a 9 billion deficit in 2009. This change is due to an increase in the EU27 deficit in primary goods (from -27 bn in 2000 to -42 bn in 2009), while the EU27 surplus in manufactured goods remained stable at 32 bn. The LAC countries accounted for just over 6% of the EU27's total external trade in goods in 2009.

On occasion of the European Union-Latam/Caribbean leaders’ summit, which takes place on Tuesday 18 May 2010 in Madrid, Eurostat, the statistical office of the European Union, issues data on trade in goods and services between the 33 Latin American and Caribbean countries and the 27 Member States of the EU?

Almost half of EU27 exports to the LAC countries in 2009 were machinery and vehicles, while food and drink accounted for a third of imports. At a more detailed level, the main EU27 exports to the LAC countries were medicine, ships, aircraft, motor cars & parts and petrol, while the main imports were soy beans and their residues, crude oil, coffee, bananas and copper & copper ore.

Among the EU27 Member States, Germany (18.5 billion Euro, or 28% of the total) was by far the largest exporter to the LAC countries in 2009, followed by Italy (8.7 bn or 13%), France (7.7 bn or 12%) and Spain (7.5 bn or 11%).

The Netherlands (14.8 billion or 20%) was the largest importer, followed by Germany (13.1 bn or 18%), Spain (10.0 bn or 13%), the United Kingdom (8.0 bn or 11%) and Italy (7.3 bn or 10%).

The largest surpluses in trade with the LAC countries in 2009 were recorded by Germany (+5.4 billion Euro), France (+2.0 bn) and Italy (+1.4 bn). The largest deficits were registered by the Netherlands3 (-9.9 billion Euro), the United Kingdom (-3.1 bn), Belgium3 (-2.6 bn) and Spain (-2.5 bn).

Among the LAC countries, Brazil (21.6 billion Euro or 33% of the total) was the leading destination for EU27 exports in 2009, followed by Mexico (15.9 bn or 24%). The leading source of EU27 imports from the LAC countries was also Brazil (25.6 billion or 34%), followed by Mexico (9.9 bn or 13%) and Argentina (8.2 bn or 11%). The EU27 recorded its largest surpluses with Mexico (+6.0 bn euro) and Panama (+1.9 bn). The largest EU27 deficits were registered with Brazil (-4.1 bn), Argentina (-3.4 bn), Chile (-2.9 bn) and Costa Rica (-2.2 bn).