European hi-tech deficit well down on 1995
According to a recent report from the Statistical Office of the European Communities (EUROSTAT), the EU's structural trade deficit in hi-tech products stood at minus ECU 10 billion during 1997, almost half its 1995 level. In addition, EU imports in this area rose from ECU 51 billion to nearly ECU 72 billion while exports almost doubled from ECU 32 to 62 billion. This halved the deficit level that persisted in the first half of the 1990s. The reports reveals that last year's biggest surpluses were in aerospace industry products (ECU 6.2 billion) and telecommunications (ECU 2.4 billion). The biggest deficits were reported in computers and office machinery and general electronic goods(at minus ECU 10.3 billion and minus ECU 7.8 billion respectively). Over three-fifths of the imports outside the EU were accounted for by the UK, France and Germany, with more or less equal shares. The same three were responsible for three-quarters of all exports outside the single market, with France accounting for 36%. Trade within the single market accounted for half of all the Member States' total hi-tech trade, ranging from just under 40% in the UK and 41.5% in Ireland, to around 61% in Denmark, Spain and Austria and a high of almost 75% in the Belgium/Luxembourg trade zone. During 1996 over a quarter of EU exports went to the USA and slightly over a quarter of all US hi-tech exports came to the EU.