Eurozone Trade Surplus Largest in Over a Year


The Euro Area trade surplus widened to EUR 24.8 billion in July 2019 from EUR 16.9 billion in the corresponding month of the previous year and beating market expectations of EUR 17.4 billion. It was the largest trade surplus since March last year, as exports rose 6.2 percent and imports increased at a softer 2.3 percent.

Exports went up 6.2 percent over a year earlier to EUR 206.5 billion from EUR 194.5 billion, while imports advanced at a slower 2.3 percent to EUR 181.7 billion from EUR 177.6 billion. Intra-euro area trade went up 1 percent to EUR 165.6 billion from EUR 164 billion. Considering the first seven months of the year, the trade surplus increased to EUR 126.1 billion from EUR 120.5 billion in the same period of 2018. 

Meantime, the European Union trade balance shifted to a EUR 0.1 billion deficit from a EUR 0.2 billion surplus in July 2018, as imports at a faster 6.3 percent to EUR 181.3 billion and exports increased 6.1 percent to EUR 181.2 billion. Considering January to July, the European Union recorded a EUR 10.2 billion trade gap, compared to a EUR 2 billion shortfall in the same period a year earlier. The trade surplus with the US jumped to EUR 90.9 billion from EUR 80 billion, while the trade deficit with China went up to EUR 109.2 billion from EUR 98.6 billion.

Imports increased 5.2 percent to EUR 1189.8 billion in the first seven months of 2019, boosted by higher purchases of food & drink (4.1 percent), raw materials (2.5 percent), chemicals (9.2 percent), machinery & vehicles (6.6 percent) and other manufactured goods (4.5 percent). On the other hand, imports of energy declined 1.7 percent. Purchases rose mainly from the US (11.3 percent), China (9.4 percent), Switzerland (14.4 percent), Turkey (5.4 percent), Japan (7 percent), South Korea (7.7 percent), India (7 percent) and Canada (10.7 percent), but fell from Russia (-3.6 percent) and Norway (-9.1 percent). 

Exports rose 4.5 percent year-on-year to EUR 1179.7 billion, driven by higher sales of food & drink (9.6 percent), raw materials (4.6 percent), chemicals (8.3 percent), machinery & vehicles (3.2 percent) and other manufactured goods (4.5 percent). Meanwhile, sales of energy decreased 3.4 percent. Among major trade partners, exports grew to the US (12.1 percent), China (8.4 percent), Switzerland (3.1 percent), Russia (3.4 percent), Japan (8.4 percent), Norway (4.2 percent) and Canada (6.6 percent), but dropped to Turkey (-17.1 percent), South Korea (-3.7 percent) and India (-2.7 percent).


Eurozone Trade Surplus Largest in Over a Year


Eurostat | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/13/2019 9:26:51 AM