Friday, February 14, 2014

Top 10 EA & EU Trading Partners

Here is a list of the 2013 top 10 trading partners for the euro area and the EU.

Euro area:
1) Britain
2) United States
3) China
4) Russia
5) Switzerland
6) Poland
7) Czechia
8) Sweden
9) Turkey
10) Japan

1) United States
2) China
3) Russia
4) Switzerland
5) Norway
6) Turkey
7) Japan
8) South Korea
9) Brazil
10) India

4 countries, Britain, Poland, Czechia and Sweden, are in the first list but not the second because they are EU-members without the euro as currency, and are replaced by Norway, South Korea, Brazil and India. The fact that Norway, who isn't in the top 10 for euro area trade make it to fifth place in EU trade, ahead of Turkey and Japan who was 9) and 10) on the euro area trade list, is because of its extensive trade with non euro area EU members Britain, Denmark and Sweden.

Perhaps most surprising is the fact that trade with Japan is so limited. This reflects that Japan is a more closed economy than most people think and that most of its trade is with countries in the Asian-Pacific area. Furthermore, most products from Japanese companies sold in Europe are manufactured at Japanese-owned factories in for example China and Europe.


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