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Europe's trade gaps narrowed in January

Euro banknotes are seen in Paris on June 7, 2012. The currency, used by the Eurozone countries, has come under pressure lately with government debt concerns plaguing Greece, Spain, Portugal and Italy. UPI/ David Silpa
Euro banknotes are seen in Paris on June 7, 2012. The currency, used by the Eurozone countries, has come under pressure lately with government debt concerns plaguing Greece, Spain, Portugal and Italy. UPI/ David Silpa | License Photo

BRUSSELS, March 18 (UPI) -- The trade balance in the 17-nation eurozone dropped from $11.7 billion in January 2012 to $5 billion in January this year, Eurostat said Monday.

The figure, which is a first estimate, follows a $13.9 billion surplus in December as exports rose 2 percent from December to January and imports rose 3.1 percent, the data agency said.

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For the larger 27-member European Union, the agency said the trade deficit dropped to $21.3 billion in January from $32.2 billion in January 2012.

In 2012, exports from the EU grew with most of its trading partners although they dropped 5 percent with India and 4 percent with Switzerland.

Exports to South Korea rose 16 percent, and grew 14 percent with Russia and 13 percent with Japan, Eurostat said.

The annual deficit with China shrank to $188.5 billion in 2012 from $203.4 billion in 2011. With Japan, the deficit dropped from $26.1 billion in 2011 to $10.7 billion in 2012.

The EU trade surplus with the United States rose to $111 billion from $93.3 billion, With Turkey, the trade surplus rose from $32.1 billion in 2011 to $35.2 billion in 2012, the agency said.

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