by: Nana Oktavia Musliana
JAKARTA: The export value of 27 countries in European Union to US market in the first half of 2010 showed a recovery with surplus in trade in goods almost doubling from same period last year.
The EU exports rose to 114 billion euro in January-June 2010 from 102 billion euro at same period in 2009. Surplus in trade in goods with US widened to 32 billion euro from 17 billion euro in the same period.
Machinery and vehicles accounted for almost 40% of EU27 exports to the US market in the first half of 2010, followed by chemicals with one quarter and other manufactured goods with one fifth. Machinery and vehicles also accounted for 40% of imports, while chemicals and other manufactured goods represented around one fifth each. Imports of 27 EU countries fell to 82 billion euro from 85 billion euro in 2009.
Largest surpluses were recorded by Germany, Ireland, Italy and the United Kingdom.
Among the EU member states, Germany with 30 billion euro or 27% of EU exports of goods was by far the largest exporter to the US in the first half of 2010, followed by the United Kingdom with 18 billion euro or 16%, France with 11 billion euro or 10%, Italy with 10 billion or 9%, Ireland and Belgium both by 9 billion or 8%.
In the meantime, as showed in the press release at the EU website, Germany and the United Kingdom were the largest importers with 15 billion euro or 18% of EU imports each, followed by the Netherlands with 13 billion euro or 16% and France with 10 billion or 12%.
New customs rules
Yesterday, European Commission announced the adoption of a regulation revising rules of origin for products imported under the generalised system of preferences (GSP).
This regulation relaxes and simplifies rules and procedures for developing countries wishing to access the EU's preferential trade arrangements, while ensuring the necessary controls are in place to prevent fraud.
Algirdas Šemeta, Commissioner for Taxation, Customs, Anti-Fraud and Audit said that by updating the EU’s rules of origin, they will help to ensure that developing countries really benefit from the trade preferences on offer to them," and that the world’s poorest don’t lose out due to unnecessary complexities in our systems," he added.
Rules of origin are used to determine whether imported goods really originate in countries covered by the EU's preferential trade arrangements, thereby making them eligible for a preferential customs tariff. The current rules of origin, which date back to the 1970s, have been criticised for being too complex, too stringent and out-of-date. The new rules of origin will apply from 1 January 2011. (NOM)
The EU exports rose to 114 billion euro in January-June 2010 from 102 billion euro at same period in 2009. Surplus in trade in goods with US widened to 32 billion euro from 17 billion euro in the same period.
Machinery and vehicles accounted for almost 40% of EU27 exports to the US market in the first half of 2010, followed by chemicals with one quarter and other manufactured goods with one fifth. Machinery and vehicles also accounted for 40% of imports, while chemicals and other manufactured goods represented around one fifth each. Imports of 27 EU countries fell to 82 billion euro from 85 billion euro in 2009.
Largest surpluses were recorded by Germany, Ireland, Italy and the United Kingdom.
Among the EU member states, Germany with 30 billion euro or 27% of EU exports of goods was by far the largest exporter to the US in the first half of 2010, followed by the United Kingdom with 18 billion euro or 16%, France with 11 billion euro or 10%, Italy with 10 billion or 9%, Ireland and Belgium both by 9 billion or 8%.
In the meantime, as showed in the press release at the EU website, Germany and the United Kingdom were the largest importers with 15 billion euro or 18% of EU imports each, followed by the Netherlands with 13 billion euro or 16% and France with 10 billion or 12%.
New customs rules
Yesterday, European Commission announced the adoption of a regulation revising rules of origin for products imported under the generalised system of preferences (GSP).
This regulation relaxes and simplifies rules and procedures for developing countries wishing to access the EU's preferential trade arrangements, while ensuring the necessary controls are in place to prevent fraud.
Algirdas Šemeta, Commissioner for Taxation, Customs, Anti-Fraud and Audit said that by updating the EU’s rules of origin, they will help to ensure that developing countries really benefit from the trade preferences on offer to them," and that the world’s poorest don’t lose out due to unnecessary complexities in our systems," he added.
Rules of origin are used to determine whether imported goods really originate in countries covered by the EU's preferential trade arrangements, thereby making them eligible for a preferential customs tariff. The current rules of origin, which date back to the 1970s, have been criticised for being too complex, too stringent and out-of-date. The new rules of origin will apply from 1 January 2011. (NOM)
