EU posts $5.9B foreign trade deficit in August

ISTANBUL

The European Union posted a trade deficit of €5 billion ($5.9 billion) in August, official figures showed on Friday.

The 27-member bloc's exports totaled €164.7 billion, up 18%, while imports amounted to €169.8 billion, up 31.8%, the statistical authority Eurostat said.

The average euro/US dollar exchange rate was 1.18 in the month.

The union's trade balance had been €10.8 billion in August 2020.

Intra-EU trade soared 18.8% to stand at €247.8 billion year-on-year in August.

During the first eight months of this year, the EU's exports increased 13.8% to reach €1.4 trillion, while imports were up 16.7% to reach €1.3 trillion.

China was the bloc's main trade partner in the January-August period, with €147.2 billion imports from the union and €285.9 billion in exports.

Country-to-country trade balances indicated that the EU had incurred the largest deficit with China – €138.7 billion – and the highest surplus with the US – €110 billion – over the same period.

Turkey was the union's sixth-largest trade partner during the four-month period, with €49.5 billion imports from the union and €50.9 billion in exports.

On the eurozone side, extra-EA exports increased 18.2% to €184.3 billion in August. The trade surplus was €4.8 billion, down from €14 billion in August 2020.

The eurozone/euro area or the EA19 represents the member states that use the euro as their single currency, while the EU27 includes all member countries of the bloc.