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EU expands trade surplus with US

The European Union (EU) registered increasing trade surplus with the United States in recent years, the statistics bureau Eurostat said.

The EU trade surplus with the United States grew from €32 billion (some $51 billion) in 2000 to €80 billion ($127 billion) 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 ($378 billion) in 2000 to €261 billion ($415 billion) in 2007, while imports from the United States dropped from €206 billion ($328 billion) to €181 billion ($288 billion).

In relative terms, EU exports to the US fell from 28% of total EU exports in 2000 to 21% in 2007 and imports declined from 21% to 13% 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. (Xinhua)