25 Jan 2013

Big trade surplus for EU

9:42 am on 25 January 2013

The European Union recorded a trade surplus of 28.8 billion euros ($US38.4 billion) for the third quarter of 2012, compared to 12 months ago.

Figures from the Eurostat statistics agency on Thursday marked a sharp turnaround on a 12-month basis for the bloc.

The result was in contrast to a deficit of 6.8 billion euros in the corresponding period of 2011.

Improved exchange-rate conditions helped the EU record surpluses with the United States (34.1 billion euros), Switzerland (15.1 billion euros), Hong Kong (7.8 billion euros), Brazil (7.4 billion euros), Canada (5.0 billion euros) and India (1.4 billion euros).

AAP reports by far the biggest deficit was with China (30.1 billion euros), with Russia (6.7 billion euros) and Japan (5.4 billion euros) also returning high deficits.