Trade
Further information: List of the largest trading partners of the European UnionThe European Union is the largest exporter in the world and as of 2008 the largest importer of goods and services. Internal trade between the member states is aided by the removal of barriers to trade such as tariffs and border controls. In the eurozone, trade is helped by not having any currency differences to deal with amongst most members.
The European Union Association Agreement does something similar for a much larger range of countries, partly as a so-called soft approach ('a carrot instead of a stick') to influence the politics in those countries. The European Union represents all its members at the World Trade Organization (WTO), and acts on behalf of member states in any disputes. When the EU negotiates trade related agreement outside the WTO framework, the subsequent agreement must be approved by each individual EU member.
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Trade with partner country groupings(2011) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Main trade partners | 2007 | 2008 | 2009 | 2010 | ||||||||
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Exports(Millions Euro) | Imports(Millions Euro) | Total Trade(Millions Euro) | Exports | Imports | Total Trade | Exports | Imports | Total Trade | Exports | Imports | Total Trade | |
Total EU | 1,240,556 | 1,435,0154 | 2,675,571 | 1,309,885 | 1,566,309 | 2,876,194 | 1,097,142 | 1,206,495 | 2,303,637 | 1,347,948 | 1,506,934 | 2,854,882 |
United States | 259,178 | 174,114 | 433,292 | 250,124 | 186,777 | 436,901 | 205,538 | 159,212 | 364,750 | 242,173 | 170,111 | 412,284 |
China | 71,785 | 232,624 | 304,409 | 78,417 | 247,933 | 326,350 | 82,426 | 214,092 | 296,518 | 113,251 | 282,508 | 395,759 |
Russia | 89,067 | 144,980 | 234,047 | 105,028 | 178,144 | 283,172 | 65,614 | 117,741 | 183,355 | 86,133 | 158,553 | 244,686 |
Switzerland | 92,610 | 76,641 | 169,251 | 98,006 | 80,330 | 178,366 | 88,558 | 73,842 | 162,400 | 105,375 | 84,307 | 189,682 |
Norway | 43,457 | 76,578 | 120,035 | 43,767 | 95,931 | 139,388 | 37,528 | 68,895 | 106,423 | 41,881 | 79,229 | 121,110 |
Japan | 43,622 | 78,392 | 122,014 | 42,267 | 75,074 | 117,341 | 36,037 | 56,738 | 92,775 | 43,852 | 65,766 | 109,618 |
Turkey | 52,643 | 47,028 | 99,671 | 54,136 | 46,020 | 100,156 | 44,123 | 36,163 | 80,286 | 61,219 | 42,307 | 103,526 |
India | 26,586 | 29,177 | 55,763 | 31,603 | 29,545 | 61,148 | 27,593 | 25,448 | 53,041 | 34,804 | 33,193 | 67,997 |
South Korea | 24,708 | 41,338 | 66,046 | 25,568 | 39,572 | 65,140 | 21,637 | 32,298 | 53,935 | 27,944 | 39,079 | 67,023 |
Brazil | 21,256 | 32,511 | 54,022 | 26,349 | 35,896 | 62,245 | 21,629 | 25,723 | 47,352 | 31,314 | 32,431 | 63,745 |
Canada | 25,262 | 22,318 | 47,944 | 26,092 | 23,868 | 49,960 | 22,460 | 17,768 | 40,228 | 26,612 | 20,186 | 46,798 |
Singapore | 20,456 | 18,393 | 38,939 | 22,059 | 16,166 | 38,225 | 20,430 | 14,633 | 35,063 | 24,370 | 18,707 | 43,077 |
South Africa | 20,374 | 20,870 | 41,244 | 20,222 | 22,362 | 42,584 | 16,121 | 14,985 | 31,106 | 21,433 | 17,937 | 39,370 |
Saudi Arabia | 19,898 | 18,609 | 38,507 | 21,293 | 22,042 | 43,335 | 11,678 | 19,565 | 31,243 | 23,129 | 16,180 | 39,309 |
Taiwan | 13,319 | 26,031 | 39,350 | 11,596 | 24,076 | 35,672 | 10,030 | 17,855 | 27,885 | 14,772 | 24,156 | 38,928 |
Hong Kong | 20,846 | 10,973 | 31,819 | 21,106 | 11,503 | 32,609 | 19,664 | 9,535 | 29,199 | 26,940 | 10,674 | 37,614 |
Australia | 22,567 | 11,749 | 34,316 | 25,178 | 11,195 | 36,373 | 21,858 | 8,091 | 29,949 | 26,770 | 9,791 | 36,561 |
Algeria | 11,244 | 20,584 | 31,828 | 15,363 | 28,259 | 43,622 | 14,777 | 17,411 | 32,188 | 15,534 | 20,916 | 36,450 |
Libya | 4,155 | 27,404 | 31,559 | 5,751 | 35,265 | 41,013 | 6,313 | 20,882 | 27,195 | 6,709 | 28,806 | 35,515 |
Mexico | 20,956 | 12,110 | 33,066 | 21,934 | 13,721 | 36,655 | 16,002 | 10,040 | 26,042 | 21,338 | 13,157 | 34,495 |
Read more about this topic: Economy Of The European Union
Famous quotes containing the word trade:
“International relations is security, its trade relations, its power games. Its not good-and-bad. But what I saw in Yugoslavia was pure evil. Not ethnic hatredthats only like a label. I really had a feeling there that I am observing unleashed human evil ...”
—Natasha Dudinska (b. c. 1967)
“My own experience has been that the tools I need for my trade are paper, tobacco, food, and a little whisky.”
—William Faulkner (18971962)
“No king on earth is as safe in his job as a Trade Union official. There is only one thing that can get him sacked; and that is drink. Not even that, as long as he doesnt actually fall down.”
—George Bernard Shaw (18561950)