The euro zone trade surplus widened to €74.4 billion in 2004 from €69.7 billion the previous year, the European statistics office Eurostat reported today. Exports grew 8% in value and imports 9% last year, the agency said.
The full 25-member European Union reported a trade deficit of €60.9 billion in 2004 against €57.8 billion in 2003. Exports increased 10% and imports 9%.
The difference in the euro zone-EU results reflects a huge deficit incurred by Britain, which is not a member of the euro zone. The UK shortfall came to €87.9 billion in the first 11 months of last year.
In December, the 12-nation euro zone posted a surplus of €5.7 billion against €2.7 billion in November. For the full European Union, the December deficit narrowed to €1.2 billion from €8.5 billion in November.
Earlier, the European Central Bank said the euro zone's current account surplus widened in December to €2.7 billion from €1.7 billion in November. That brought the full-year 2004 surplus up to €40.2 billion, compared with a 2003 surplus of €22.2 billion, the ECB calculated.
The current account is a broad measure of trade covering goods and services as well as certain financial transfers and direct investment.
Eurostat found that the European Union increased its trade surplus with its principal partner, the US, to €69.9 billion in the first 11 months of 2004 from €62.4 billion the same time last year.
But a deficit with China widened to €71.6 billion from €58.2 billion and to €31.6 billion from €28 billion with Russia. The shortfall with Japan went from €28.7 billion in the first 11 months of 2003 to €28.3 billion in 2004.
