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Which European countries have no industrial trade deficit problem?
We analyse the situations of Germany, France, Italy, Spain, the Netherlands, Belgium, Austria, Portugal and Finland. We seek to determine which of these nine European countries have no trade deficit for industry; but we must draw a distinction between: A trade surplus in industrial products due to strong growth in exports of industrial products; A trade surplus in industrial products due to weak domestic demand for these products. The European countries with a trade surplus in manufactured goods due to strong exports are Germany, the Netherlands, Belgium and Austria. We see that these four countries have high R&D spending, either higher than (Germany, Belgium, Austria) or equal to (Netherlands) the euro-zone average.
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Natixis
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Patrick Artus
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