The Euro Zone's Trade Surplus In July Rose Contrary To Forecasts To €27.9 Bn
The Euro zone's foreign trade surplus rose to 27.9 billion euros in July from 21.2 billion in June, according to the European Statistical Agency Eurostat.
Analysts polled by Reuters had forecast a decline in the trade surplus to 12.6 billion euros in the reporting month.
On an annualized basis, the Euro zone's trade surplus grew by 20% in July, from 23.2 billion euros a year ago. Including exports of goods from the Eurozone in July decreased in annual terms by 10.4%, to 185.2 billion euros, imports — by 14.3%, to 157.3 billion.
At the same time, the EU's foreign trade surplus in July increased by 27.7% year-on-year to 25.8 billion euros. In July 2019, the surplus there was 20.2 billion euros. Exports of goods from the EU in July fell by 11.3% year-on-year to 168.5 billion euros, while imports fell by 16% to 142.6 billion.
As a result, the euro area recorded a €27.9 bn surplus in trade in goods with the rest of the world in July 2020, compared with +€23.2 bn in July 2019. Intra-euro area trade fell to €153.7 bn in July 2020, down by 8.6% compared with July 2019.