OREANDA-NEWS. The European Union (EU) surplus in trade in services decreased in 2014 for the first time over the last five years. It stood at €162.9 bn in 2014. compared with €175.6 bn in 2013. This is the result of EU imports of services from the rest of the world growing faster (from €544.1 bn in 2013 to €602.0 bn in 2014, or +11%) than exports (from €719.6 bn in 2013 to €764.9 bn in 2014, or +6%).

These data, issued by Eurostat, the statistical office of the European Union, are subject to revision.

EU surplus largely sustained by financial and ICT services

The main components of EU international trade in services were "other business services" (R&D, business, professional & technical services) which accounted in 2014 for 26% of EU total exports and 28% of imports. Transport services (18% and 20%), Travel services (14% and 16%). Telecommunications, computer and information services (12% and 9%) and Financial services (10% and 6%).

In 2014, the services that contributed the most to the EU surplus were financial services (+€40.1 bn), ICT services (+€38.8 bn) and other business services (+€31.3 bn). In contrast, the only significant deficit was recorded for charges for the use of intellectual property (-€19.0 bn).

Significant fall in EU surplus with the USA

In 2014, the USA (26% of EU total exports and 32% of EU imports) and the four EFTA countries together (18% of EU exports and 13% of EU imports) continued to be the two main partners of the EU in international trade in services. The EU recorded surpluses with all its main partners in 2014, except Hong Kong (-€0.1 bn). The largest surplus was observed in trade with the EFTA countries (+€58.6 bn), ahead of Russia (+€16.5 bn). Japan (+€10.5 bn) and Brazil (+€7.5 bn). Compared with 2013, a significant drop in EU surplus with the USA can be noted (from +€17.1 bn in 2013 to +€6.6 bn in 2014), while the deficit recorded in 2013 with India (-€1.0 bn) turned in 2014 into a small surplus (+€0.3 bn).