Europe Foreign Trade
Europe foreign trade and global economic policies
While Europe is a large and diverse area, comprised of about 50 countries and more than 731 million people, it has a remarkably united economic and trading system, by way of the European Union, or EU.
In 1957 the European Economic Community was set up between six Western European nations with the vision of a single common market and a unified economic policy.
A decade later, the European Coal and Steel Community, the EEC, and Euratom formed the European Community, which became the EU, or Europeand Union in 1993.
The euro was introduced as the common currency. The EU also had a parliment, central bank, and court. The EU is now comprised of 27 countries.
Europe is a massive economic power with tremendous GDP, surpassing even the US. Nominal GDP in 2008 was $19.195 trillion and is expected to be $19.339 trillion in 2009.
Europe Exports
Europe exports a massive amount of goods. They include:
Automobiles (UK, France, Italy, Spain, Germany, Czech Republic)
Fashion (most of Western Europe, especially Italy and France)
Aircraft (France and Germany)
Machinery (all of Europe)
Electronics (The Netherlands, Italy, Germany)
Food products - wine, beer, cheeses, chocolates, pastas, agricultural products (most of Western and Northern Europe)
Pharmaceuticals (Switzerland)
Military equipment (UK, Germany, France, Italy, Russia)
Industrial chemicals (most of Europe)
Germany is the largest exporter in Europe and is known for its excellent standards in engineering and precision manufacturing. This applies well to the automotive and aviation industries it is so active in.
Italy is known for its foods, fashion, and cars, all three being major sectors of export.
Switzerland may be most famous for its chocolates, watches, and pharmaceuticals, as far as exports are concerned, and has good trade relations with most of the world.
It is also renonwed for its financial services and banking system, which is used by people and corporations worldwide.
France produces a large amount of agricultural products, such as wines and cheeses, and also has a healthy automotive industry. Fashion is another important export sector for France.
The UK has strong exports in the automotive industry, as well as in commodities, financial services, and agriculture.
The largest country in Europe, both in terms of area and population is Russia. Its largest exports are oil, gas, heavy machinery, commodities, raw materials, and foodstuffs.
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Europe Imports
The EU is an important trading partner for most countries around the world. Europe consumes a wide range of products, both commercially and privately. Its wide variation of cultures, climates, and tastes mean there is little homogeniety in consumption habits which necessitates vibrant imoprts.
Automobiles, energy (oil and gas), heavy industrial machinery, commodities, and foods are some of the largest sectors Europe imports. Electronics, software, and precious metals remain strong on its import list as well.
Stone, rock, and marble are large exports from Europe. 6% of the world's population lives in Europe but it produces 40% of the world's stone.
Textiles and clothing are another significant sector of products imported into Europe every year. Most of those textiles come from China or other parts of Asia. In June 2005, China and the EU agreed on import quotas of 10 categories of clothing. This is to protect European producers who cannot compete with the low cost of labor in Asia.
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