The FINANCIAL — Between 2000 and 2009, 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 66 bn, while imports increased from 54 bn to 74 bn.
As a result, the EU27 balance of trade with the LAC countries turned from a 5 bn surplus in 2000 to a 9 bn 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 the occasion of the European Union – LAC summit, which will take 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.
Exports dominated by manufactured goods, imports by primary goods
Almost half of EU27 exports to the LAC countries in 2009 were machinery and vehicles2, while food and drink accounted for a third of imports. At the detailed level, the main EU27 exports to the LAC countries were medicine, ships, aircraft, motor cars & parts and petrol, while the main imports were soya beans and their residues, crude oil, coffee, bananas and copper & copper ore.
Germany largest trading partner of the LAC countries amongst Member States
Among the EU27 Member States, Germany (18.5 bn 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 Netherlands3 (14.8 bn 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 bn euro), France (+2.0 bn) and Italy (+1.4 bn). The largest deficits were registered by the Netherlands3 (-9.9 bn), the United Kingdom (-3.1 bn), Belgium3 (-2.6 bn) and Spain (-2.5 bn).
Brazil largest trading partner of the EU27 amongst the LAC countries
Among the LAC countries, Brazil (21.6 bn 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 bn 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).