Financial News: Eurozone Trade Balance Swings To Deficit

Eurozone Trade Balance Swings To Deficit

(RTTNews) - The euro area trade balance posted a deficit in August largely due to the increase in imports, data from Eurostat showed Friday.

The trade balance showed a shortfall of EUR 16.1 billion compared with a surplus of EUR 10.7 billion posted in July. In the same period last year, the deficit was EUR 1.7 billion.

Exports of goods increased 9.9 percent from a year ago, which was faster than the 8.8 percent rise in July. At the same time, growth in imports accelerated sharply to 16.7 percent from 9.1 percent.

Eurostat reported that the decline in trade balance from a year ago was driven mainly by machinery and vehicles, the balance of which fell to a EUR 0.7 billion deficit in August from a surplus of EUR 7.2 billion. The energy deficit also widened, rising to EUR 26.7 billion from EUR 21.3 billion.

On a monthly basis, exports dropped 1.2 percent, while imports increased 2.0 percent in August. As a result, the trade balance showed a seasonally adjusted deficit of EUR 6.8 billion compared to a surplus of EUR 1.4 billion in July. In the January to August period, the euro area recorded a deficit of EUR 5.4 billion, compared with a surplus of EUR 90.9 billion in the same period last year.

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