Energy prices boosted the EU-27 trade deficit in 2008

Russia became the second largest destination for EU-27 exports after the USA in 2008. Between 2000 and 2008, EU imports were consistently higher than exports, due mainly to an increasing trade deficit in the energy sector. In 2008, the total EU-27 trade deficit reached a record level of €242.1 billion. The United States was by far the most important trading partner for EU-27 exports in 2008, in spite of a slight fall compared to the previous year. Russia recorded a growth rate of 18% for 2007-2008 and overtook Switzerland to become the second largest trading partner for EU-27 exports. China was the most important trading partner for imports to EU-27. Together, China, the United States and Russia accounted for 39% of imports from outside EU-27 in 2008. Germany remained the largest contributor to EU-27 external trade among the Member States, with more than one fifth of total extra EU-27 trade. Imports of machinery and transport equipment, as well as of other manufactured products, decreased during 2007-2008. Still, these product groups accounted for half the imports from outside EU-27. Petroleum products were by far the most traded product group during 2008, with values of trade boosted by increasing prices. Cars and electrical machinery followed.

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