In the last fiscal year the trade deficit in goods and services was 20 percent of GDP, compared to only 13 percent of GDP in 2007/08. The widening trade deficit since the mid 2000s is shown in figure 2, along with the current account deficit, of which a major component is the trade deficit.
1/4  BIS central bankers' speeches  Still today, the region truly serves as a gateway to Europe, hosting Europe’s busiest cargo airport, the world’s largest internet exchange and one of the world’s largest trade fairs. Yet the region has also moved with the times. The region’s actors have kept an open mind and found highly effective ways to adapt and innovate.