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European January Exports to U.S. Flat After 2007 Drop
By Fergal O'Brien
April 17 (Bloomberg) -- European exports to the U.S. failed to grow in January as the dollar extended its decline against the euro, eroding Americans' power to purchase imports.
Euro-area shipments to the U.S., which dropped in 2007 for the first time in four years, were flat at 15.4 billion euros ($24.6 billion) in the first month of 2008, the European Union's statistics office in Luxembourg said today. Exports to the U.K. rose 5 percent, while sales to Russia and China jumped 25 percent.
The euro reached a record near $1.60 against the dollar yesterday after European inflation data lessened the prospect of a European Central Bank interest-rate cut. That is adding to pressure on manufacturers trying to ship products into a U.S. economy teetering on the brink of a recession. France's Airbus this week said the euro's level is ``becoming unbearable.''
``A lot of the growth in the euro zone has been very much dominated by Germany and in particular trade,'' said Mitul Kotecha, head of foreign-exchange research at Calyon in London. ``Going forward, it's going to be quite risky. The reality is we're going to see some deterioration in trade and the strong euro is going to start to play a more negative part.''
The euro has increased 18 percent against the dollar in the last 12 months and reached a record $1.5979 yesterday, making European goods less competitive overseas. Against sterling, the currency has gained 20 percent to record near 81 pence. The euro was up 0.1 percent to $1.5958 as of 10:12 a.m. in London.
`Becoming Unbearable'
``We are now seeing levels which are becoming unbearable,'' Louis Gallois, chief executive officer of Airbus parent European Aeronautic, Defence & Space Co., said April 15. ``When the euro rises to $1.35 you cut some costs; when it rises to $1.45 you begin to think more seriously.''
European Union Economic and Monetary Affairs Commissioner Joaquin Almunia said April 14 that the euro is ``overvalued'' against the currencies of its trading partners, while ECB President Jean-Claude Trichet has called for ``discipline'' on currency markets.
``We said that there have been sharp fluctuations in major currencies and we're concerned about possible implications,'' Trichet told reporters after a Group of Seven meeting in Washingon on April 11.
A widening rate gap with the U.S. has fueled the euro's surge against the dollar. The U.S. Federal Reserve has cut its benchmark rate by three percentage points since September. By comparison, the ECB has left its key rate unchanged at a six- year high of 4 percent since June.
Eastern Europe
Exports to Eastern Europe and Russia may counter some of the decline in orders from the U.S. Euro-area shipments to Poland jumped 24 percent in January from a year earlier, according to today's report. Exports to Russia rose 25 percent.
While shipments to China gained 28 percent in January, Europe's trade deficit with the Asian nation widened to 11 billion euros from 10.8 billion euros a year earlier. Imports from China, which is the euro area's biggest supplier of foreign goods, increased 9 percent to 16.2 billion euros.
The detailed data are published with a one-month lag. Seasonally adjusted figures for February show that exports rose 2 percent from January and imports fell 0.4 percent. The euro region recorded a trade surplus of 2.1 billion euros compared with a 1 billion-euro deficit in January.
To contact the reporter on this story: Fergal O'Brien in Dublin at
[email protected].
Last Updated: April 17, 2008 05:34 EDT
ED INIZIA IL SIPARIETTO BERLUSCA JUNKER....HIII ME LA RIDO VERAMENTE....
LA BCE CON IL SOLO WEBER STA FALLENDO MISERAMENTE IL LORO MANDATO...
perchè l'inflazione non cala anzi sale con tassi fermi...e quindi la loro politica non sta dando assolutamente stabilità ai prezzi...anzi...è tutto l'opposto facendo svalutare il dollaro...
che se li ficchino in kulo i tassi
