EU trade surplus down over 20 percent in 2017: Eurostat

By Muhammed Ali Gurtas

ANKARA (AA) - Foreign trade balance of the European Union (EU) recorded a surplus of €25-billion ($28.2-billion) surplus in 2017, according to Eurostat on Thursday.

The EU’s exports of goods last year amounted to €1.88 trillion ($2.12 trillion), up 7.7 percent, year-on-year, while imports from the rest of the world stood at €1.85 trillion ($2.09 trillion) with a 8.2 percent yearly increase.

The foreign trade surplus in 2017 went down by 21.8 percent, versus €32 billion ($35.2 billion) in the previous year.

Official data also showed intra-EU trade last year was up 7.3 percent on a yearly basis, standing at €3.34 trillion ($3.77 trillion).

The average EUR/USD exchange rate was around 1.10 in 2016, while 1 euro was trading for $1.13 on average in 2017.

Eurostat also said the U.S. was the top export market for the EU with exports amounting to €375 billion ($423.75 billion), which accounts for 19.96 percent of the 28 countries’ exports over a 12-month long period.

China, Switzerland, Russia and Turkey came after the the U.S. in the list of main export markets of the EU, the statistical authority said.

Last year, the EU states imported mostly from China -- valued at €374.3 billion ($423 billion) amounting to 20.2 percent of total imports; the U.S., Russia, Switzerland and Norway.