The FINANCIAL — The 28 Member States of the European Union (EU) and the 33 Latin American and Caribbean countries of the CELAC are home to more than one billion people. CELAC countries also represent a major trading partner for the EU.
After a significant decrease in 2009 following the financial crisis, the value of EU imports of goods from CELAC recovered to a new peak of €112.3 bn in 2012 and then fell to stand at €98.6 bn in 2014. Exports, which also declined in 2009, then recovered more strongly to reach a peak of €117.5 bn in 2013, before decreasing to €110.6 bn in 2014. As a result, the EU trade balance with CELAC, which moved into surplus in 2012, stood at +€12.0 bn in 2014.
Over the last ten years, the share of CELAC in extra-EU imports remained almost stable at 5.9%, while its share in exports grew from 5.4% in 2004 to 6.5% in 2014. Together, CELAC countries would have been in 2014 the EU’s fifth most important trading partner, behind the United States, China, Russia and Switzerland, according to EU.
On the occasion of the second European Union – CELAC summit2, which will take place on 10 and 11 June in Brussels, Eurostat, the statistical office of the European Union, issues data on trade in goods between the CELAC members and the EU.
Manufactured goods dominate EU exports, primary goods prevail in EU imports
EU exports of goods to CELAC are clearly dominated by manufactured goods, which accounted in 2014 for 87% of total EU exports to CELAC. Conversely, primary goods made up 66% of EU imports from CELAC in 2014. As a result, the €67.8 bn surplus recorded by the EU in 2014 for its trade of manufactured goods with CELAC is largely offset by a €54.6 bn deficit in primary goods.
Germany and Spain, main EU trading partners with CELAC
Among the EU Member States, Germany (€30.4 bn or 28% of EU exports of goods to CELAC) was by far the largest exporter to CELAC in 2014, followed by Spain (€14.2 bn or 13%), Italy (€13.4 bn or 12%), France (€11.8 bn or 11%) and the Netherlands (€9.5 bn or 9%). Compared with 2013, exports to CELAC decreased in each of these five largest partners, except the Netherlands. At EU level, exports of goods to CELAC decreased by 5.8% in 2014.
The Netherlands4 (€18.1 bn or 18% of EU imports of goods from CELAC) and Spain (€17.6 bn or 18%) were the main importers from CELAC in 2014, ahead of Germany (€15.0 bn or 15%), the United Kingdom (€10.8 bn or 11%), Italy (€9.4 bn or 10%) and Belgium4 (€8.2 bn or 8%). In 2014, EU imports of goods from CELAC dropped by 2.7% compared with previous year.
A majority of EU Member States recorded a surplus in trade with CELAC in 2014, with the highest being recorded in Germany (+€15.4 bn), France (+€5.3 bn) and Italy (+€4.0 bn). In contrast, the largest deficits were observed in the
Netherlands4 (-€8.6 bn), the United Kingdom (-€3.8 bn) and Spain (-€3.4 bn).
Brazil and Mexico accounted for more than half of total EU trade with CELAC
Among the CELAC countries, Brazil (33% of total EU exports to CELAC and 32% of total EU imports from CELAC) and Mexico (26% and 18%) were by far the two main trading partners of the EU in 2014, representing also the two countries with whom the EU recorded the highest surpluses in 2014. In contrast, the largest EU deficits with the CELAC members in 2014 were recorded with Costa Rica (-€2.9 bn), Colombia (-€1.8 bn), Peru (-€1.7 bn), Chile (-€1.3 bn) and Trinidad and Tobago (-€1.0 bn).
Discussion about this post