By EuAsiaNews,
Brussels : Between 2000 and 2008, trade in goods between the European Union and India more than doubled in value: exports rose from 13.7 billion euro to 31.6 bn, while imports increased from 12.8 bn to 29.5 bn.
As a result, the EU surplus in trade with India increased from 0.8 bn in 2000 to 2.1 bn in 2008, according to Eurostat, the EU’s statistical office which released the figures here today on the occasion of the 10th European Union – India summit which will take place on Friday in New Delhi
India accounted in 2008 for 2.4% of EU exports and 1.9% of EU imports, and was the EU’s 10th most important trading partner.
In the first half of 2009 the value of EU exports to India fell to 12.7 bn euro, compared with 15.7 bn in the first half of 2008, and imports decreased to 12.9 bn from 14.9 bn.
As a result, the EU trade balance with India moved from a surplus of 0.8 bn in the first half of 2008 to a deficit of 0.2 bn in the same period of 2009.
It should be noted that the fall in the value of EU trade with India recorded between the first half of 2008 and the first half of 2009 is in line with the general downward trend in the EU total external trade over the same period, noted Eurostat.
In 2008, the EU exported 9.0 bn euro of services to India , while imports amounted to 7.4 bn meaning that the EU had a surplus of 1.5 bn in trade in services with India , compared with a surplus of 1.5 bn in 2006 and 2.5 bn in 2007.
The surplus in services in 2008 was mainly due to transportation (+1.1 bn) and other business services (+0.8 bn). The largest deficits were observed for travel (-0.9 bn) and computer & information services (-0.3 bn). India accounted for 1.7% of total extra-EU trade in services.
Among the 27 EU Member States, Germany (8.1 bn euro or 26% of EU exports) was by far the largest exporter to India in 2008, followed by the United Kingdom (5.1 bn or 16%), Belgium (5.0 bn or 16%), France (3.3 bn or 11%) and Italy (3.1 bn or 10%).
The United Kingdom (5.2 bn or 18%) was the largest importer, followed by Germany (4.8 bn or 16%), Belgium (3.8 bn or 13%), Italy (3.4 bn or 12%) and France (2.9 bn or 10%).
The largest surpluses in trade with India were observed in Germany (+3.3 bn euro), Belgium (+1.2 bn) and Sweden (+0.8 bn), while the largest deficits were registered in Spain (-1.4 bn) and the Netherlands 1 (-1.1
More than 80% of EU exports to India in 2008 were machinery and vehicles , while other manufactured articles accounted for more than 50% of imports.