EU trade balance posts $28.4b deficit in January

ANKARA (AA): EU’s foreign trade balance posted €24.9 billion ($28.4 billion) deficit in January this year, according to official figures released on Monday.

Eurostat, the statistical office of EU, said the 28-member bloc’s exports of goods surged 2.1 percent year-on-year to reach €153.6 billion ($175.1 billion).

The EU’s imports from the rest of the world were €178.5 billion ($203.5 billion) with an annual hike of 3.9 percent.

The intra-EU28 trade grew by 2.3 percent, amounting to nearly €298 billion ($340 billion) over the same period.

One euro was exchanged for $1.14 on average in January this year, while the average EUR/USD exchange rate was 1.22 in the same month last year.

In January, the US was the top market for EU exporters with €35.3 billion ($40.3 billion) or nearly 23 percent of the bloc’s total exports.

Following the US, EU’s other major export markets were China, Switzerland, Russia, and Japan.

On the imports side, China was the main source for the EU with €38.9 billion ($44.3 billion), accounting for 21.8 percent of total imports.

The country was followed by the US, Russia, Switzerland, and Norway.

In the same period, the bloc’s trade balance saw its largest deficit with China — €21.4 billion ($24.4 billion) — and the biggest surplus with the US, with €11.5 billion ($13.1 billion).