Euro zone closes trade gap in January

Euro zone closes trade gap in January

European Union statistics agency Eurostat disclosed that the Euro zone's foreign trade deficit decreased from €5.1 billion in December 2004 to €2.2 billion in January 2005. Exports rose 0.2% month on month in January, while imports increased 1.8% month on month. In 2004, the Euro zone posted a trade surplus of €73.2 billion compared to €69.7 billion in 2003. However, the trade deficit for 25 member states of European Union (EU) as a whole rose from €12.1 billion in January 2004 to €14 billion in January 2005. Among EU member states, Germany reported the largest trade surplus (€157 billion) in 2004. Ireland saw a trade surplus of €35.3 billion, the Netherlands €31.4 billion, Sweden €18.7 billion and Belgium €16.5 billion. The EU's trade surplus with the US rose from €69.1 billion in 2003 to €76.5 in 2004. The EU's trade surplus with Switzerland and Turkey rose to €13.5 billion and €7.1 billion respectively. On the other hand, the EU's trade deficit with China rose to €78.7 billion in 2004. The EU posted a trade deficit of €34.8 billion with Russia.