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Financial News: Eurozone Trade Surplus Declines In October

Eurozone Trade Surplus Declines In October

12/16/2021 - 05:22:00 (RTTNews)

(RTTNews) - The euro area trade surplus declined sharply in October as the pace of increase in imports exceeded exports growth, data from Eurostat showed on Thursday.

The trade surplus decreased to a seasonally adjusted EUR 2.4 billion in October from EUR 6.1 billion in September.

Exports grew only 2.4 percent, while imports posted a monthly increase of 4.3 percent in October.

On an unadjusted basis, the trade surplus totaled EUR 3.6 billion in October compared to a EUR 29.8 billion surplus in the same period last year. Exports gained 7.3 percent annually. At the same time, imports registered a double-digit growth of 24.1 percent.

Another report from Eurostat showed that hourly labor cost rebounded 2.5 percent on a yearly basis in the third quarter, following a 0.1 percent drop in the second quarter.

The two main components of labor costs namely wages & salaries increased 2.3 percent and non-wage costs component rose 3.0 percent.

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