EU posts $227B trade surplus in January-November

By Yunus Girgin

ANKARA (AA) - The EU foreign trade balance saw a €187.2 billion ($227 billion) surplus in the first 11 months of 2020, the bloc's statistical office revealed on Friday.

According to Eurostat, the figure was up from €169.4 billion in January-November 2019.

Exports from the EU decreased by 10.3% to €1.75 trillion, while imports were €1.56 trillion, down 12.3%, in 11 months on an annual basis.

Intra-EU27 trade fell 8.4% to reach €2.6 trillion year-on-year in the same period.

China was the bloc's main trade partner, with €182.7 billion imports from the union and €350.1 billion in exports.

By export volume, the US, the UK, China, Switzerland, and Russia topped the list, respectively, in the same period, said EuroStat.

China was the main source of EU imports, followed by the US, the UK, Switzerland, and Russia.

Country-to-country trade balances showed that the EU incurred the largest deficit with China -- nearly €167.4 billion -- and the highest surplus with the US -- €135.8 billion over the same period.

Meanwhile, in the same period, the eurozone posted a €205.4 billion trade surplus, by €1.94 trillion in exports and €1.73 trillion in imports.

The eurozone/euro area or EA19 represents the member states that use the single currency, the euro.