Eurozone's trade deficit shrinks to 500MM in Dec 2010

Europe's typically negative balance of trade moved from deficit almost into parity, while November's deficit was revised sharply downward.  This has been a source of contention between the EU and China as every country with a deficit complains because unions want to shutout more competitive trading partners, completely forgetting the about the necessary capital account surplus.

Exports slipped 0.4% on the month after stagnating in November. Via Eurostsat:
The first estimate for the euro area (EA16) trade balance with the rest of the world in December 2010 gave a 0.5 BB euro deficit, compared with +3.2 BB in December 2009. The November 20102 balance was -1.5 BB, compared with +2.7 BB in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.4% and imports by 1.1%.

The first estimate for the December 2010 extra-EU27 trade balance was a 10.5 BB euro deficit, compared with -2.9 BB in December 2009. In November 20102 the balance was -15.4 BB, compared with -7.7 BB in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.3% and imports by 0.4%.

During 2010, euro area trade recorded a surplus of 0.7 BB euro, compared with +16.6 BB in 2009. The EU27 recorded a deficit of 143.3 BB in 2010, compared with -108.1 BB in 2009.

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