Istock Analyst: Russia-Eu Trade Turnover Grows 26% to 138 Bln Euro in H1

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Russia-Eu Trade Turnover Grows 26% to 138 Bln Euro in H1

Trade turnover between Russia and the European Union increased 26% to 137.7 billion euro in the first half of 2008 compared to the same period of 2007, the Statistical Office of the European Communities said in a report prepared for the 22nd EU-Russia Summit in Nice on November 14. EU exports to Russia grew 24% to 50.1 billion euro in the half, while imports from Russia increased 27.2% to 87.6 billion euro. The EU thus had a trade deficit with Russia of 37.5 billion euro in the half compared to 28.5 billion euro in January-June 2007. "Between 2000 and 2007, EU trade in goods with Russia nearly tripled in value. The share of Russia in the EU's total external trade in goods nearly doubled between 2000 and 2007. In the first half of 2008 the share rose further, with Russia accounting for nearly 8% of EU exports and more than 11% of EU imports. Russia was the EU's third most important trading partner, after the USA and China," the report says.