EU Trade Deficit 30 Bn Euro In 2006 With ASEAN
An EU27 trade deficit of 30 bn euro in 2006 with ASEAN
The 10 members of the Association of Southeast Asian Nations (ASEAN) are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Between 2000 and 2006, EU27 exports of goods to the 10 ASEAN countries rose from 42 billion euro to 49 bn, while imports increased from 75 bn to 79 bn. The EU27 deficit in trade with ASEAN fell from 34 bn in 2000 to 29 bn in 2006, accounting for 15% of the total EU27 external trade deficit. ASEAN accounted for around 5% of the EU27's total external trade in goods in 2006.
On the occasion of the EU-ASEAN Summit, which will take place on 22 November 2007 in Singapore, Eurostat, the Statistical Office of the European Communities, issues data on trade in goods between the 27 Member States of the EU and the 10 members of ASEAN.
Germany and United Kingdom are main EU trade partners of ASEAN
Among the EU27 Member States, Germany (14.5 bn euro, or 29% of the total) was by far the largest exporter to ASEAN in 2006, followed by France (6.8 bn or 14%) and the United Kingom (6.5 bn or 13%). The Netherlands2 (16.2 bn or 20%) was the largest importer, followed by the United Kingdom (15.3 bn or 19%) and Germany (14.8 bn or 19%).
Only six Member States recorded small surpluses in trade with ASEAN in 2006, while the largest deficits were registered by the Netherlands2 (-12.2 bn), the United Kingdom (-8.8 bn) and Spain (-3.1 bn).
Singapore, Malaysia and Thailand are main ASEAN trade partners of the EU
Among the ASEAN members, Singapore (19.9 bn euro, or 40% of the total) was the leading destination for EU27 exports in 2006, followed by Malaysia (10.3 bn or 21%) and Thailand (7.3 bn or 15%). The leading source of EU27 imports from ASEAN was Singapore (19.3 bn or 25%), again followed by Malaysia (17.9 bn or 23%) and Thailand (14.7 bn or 19%). Except for small surpluses with Singapore and Brunei, the EU27 recorded deficits with all other ASEAN partners, the highest being registered with Malaysia (-7.6 bn), Thailand (-7.4 bn) and Indonesia (-7.2 bn).
Machinery and vehicles account for half of EU27 trade with ASEAN
EU27 trade with ASEAN is dominated by manufactured goods, which accounted for around 85% of both imports and exports in 2006. As a result, the deficit of 22 bn registered for manufactured goods makes up three quarters of the EU27 deficit with ASEAN.
More than half of EU27 exports to ASEAN in 2006 were machinery and vehicles3, and a further fifth were other manufactured articles3. These same two groups of products accounted for a half and a quarter of imports respectively. At the detailed level, the main EU27 exports to ASEAN were electronic circuits, aircraft and engines and medicine, while the main imports were computer parts (including monitors and printers), mobile phones and electronic circuits.
Other manufactured articles include leather, rubber, wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks, watches and cameras.