The European Union (EU) registered increasing trade surplus with the United States in recent years, the 27-nation bloc's statistics bureau Eurostat said on Monday.
The EU trade surplus with the United States grew from 32 billion euros (some 51 billion U.S. dollars) in 2000 to 80 billion euros (127 billion dollars) in 2007, Eurostat said ahead of a summit between the two trading powers to be held Tuesday in Brdo, Slovenia, the country holding the current EU presidency.
This increase in the EU trade surplus was due both to an increase in exports to the United States and to a decrease in imports from that country, according to Eurostat.
EU exports to the United States increased modestly from 238 billion euros (378 billion dollars) in 2000 to 261 billion euros (415 billion dollars) in 2007, while imports from the United States dropped from 206 billion euros (328 billion dollars) to 181billion euros (288 billion dollars).
In relative terms, EU exports to the U.S. fell from 28 percent of total EU exports in 2000 to 21 percent in 2007 and imports declined from 21 percent to 13 percent over the same period.
EU trade with the United States was dominated by manufactured goods. In 2007, more than two-fifths of EU trade flows with the United States were machinery and vehicles, while chemicals and other manufactured articles each accounted for more than a fifth of imports and exports.
Taking goods and services together, the EU and the United States accounted for the largest bilateral trade relationship in the world.
The significant amount of bilateral trade and investment illustrated a high degree of interdependence of the two economies, Eurostat said.
Source: Xinhua
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