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EU trade balance sees $32.3bn deficit in January-February

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Christian Fernsby |
German seaport
Europe   German seaport

EU's foreign trade balance posted €28.4 billion ($32.3 billion) deficit during the first two months of 2019, the union's statistical authority announced.

Eurostat said the 28-member bloc's exports of goods surged 4.1% year-on-year to reach €309.8 billion ($353.2 billion).

The EU's imports from the rest of the world were €338.2 billion ($385.5 billion), up 6.2% versus the first two months of 2018.

In the same period of 2018, the EU foreign trade balance posted €20.7 billion surplus ($25.2 billion).

The intra-EU28 trade grew by 3.6%, totaled nearly €591.8 billion ($674.6 billion) year-on-year in January-February.

In the January-February period, the U.S. was the top market for EU exporters with €69.5 billion ($79.23 billion) or 22.4% of the bloc's total exports.

Following the U.S., the EU's other major export markets were China, Switzerland, Russia, and Turkey.

On the imports side, China was the main source for the EU with €71.8 billion ($81.8 billion), accounting for 21.2% of total imports.

The country was followed by the U.S., Russia, Switzerland, Turkey and Norway.

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