The first estimate for the euro area (EA15) trade balance with the rest of the world in December 2008 gave a 0.7 bn euro deficit, compared with -3.9 bn in December 2007. The November 2008 balance was -5.8 bn, compared with +2.3 bn in November 2007. In December 2008 compared with November 2008, seasonally adjusted exports fell by 0.9% and imports by 3.9%.