EU services surplus of EUR 43 bln in 2004

In 2004, the balance on external trade in services for the EU25 recorded a surplus of EUR 42.8 bln, compared to EUR 37.0 bln in 2003.

The EU exported EUr 363 bln of services to the rest of the world in 2004 and imported EUR 320 bln.

That does not include exports by individual EU member states to other EU member states.

Eurostat reports that the increased surplus was mainly owing to a higher surplus in transportation (+13.4 bn in 2004 compared to +7.0 bn

in 2003), while the deficit registered for travel was slightly lower (-12.9 bn compared to -13.4 bn).

The surplus recorded for “other services” fell slightly (+42.5 bn compared to +43.9 bn).

The “other services” surplus included financial services (+14.4 bn), other business services (+18.1 bn) and computer and information services (+9.7 bn). The largest deficit was registered in royalties and licence fees (-8.9 bn).

These data, issued by Eurostat, the Statistical Office of the European Communities, are subject to revision.

China rises the fastest

In 2004, EU25 trade in services recorded an increased surplus with the USA (+11.2 bln in 2004 compared to +9.5 bln in 2003) and with Japan (+8.6 bn compared to +6.6 bn).

The surpluses with EFTA (+13.5 bn compared to +13.6 bn) and Canada (+0.8 bn compared to +0.5 bn) remained stable.

Over the period 1994 to 2004, EU15 exports and imports of services to most partners doubled, Eurostat reports.

Trade in services with China however increased much faster, with exports rising from 1.5 bn in 1994 to 8.7 bn in 2004 while imports

went from 1.5 bn to 7.1 bn during the same period.