Financial News: Eurozone Trade Surplus Declines Sharply In June

Eurozone Trade Surplus Declines Sharply In June

(RTTNews) - The euro area trade surplus declined sharply in June as exports remained weak amid a rebound in imports, official data revealed on Monday.

The trade balance registered a surplus of EUR 7.0 billion compared to May's surplus of EUR 16.5 billion, Eurostat reported.

Compared to last year, the surplus contracted by EUR 13.7 billion from EUR 20.7 billion.

Overall exports grew only 0.4 percent year-on-year after rising 0.9 percent in May. At the same time, imports rebounded 6.8 percent from a fall of 0.7 percent in the previous month.

Data showed that seasonally adjusted exports dropped 2.4 percent, while imports advanced 3.1 percent in June. As a result, the trade surplus fell to EUR 2.8 billion from EUR 15.6 billion.

During the first half of the year, the euro area registered a surplus of EUR 93.3 billion, compared with EUR 102.0 billion surplus in the same period last year.

The EU trade in goods resulted in a surplus of EUR 8 billion, which was well below last year's surplus of EUR 20.3 billion as the extra-EU exports remained flat, while imports increased 6.4 percent.

EU exports to the US declined 10.3 percent, while imports from the US advanced 16.4 percent. Likewise, shipments to China plunged 12.7 percent, while imports increased 16.7 percent.

According to the trade deal reached by the EU and the US in July, the latter will charge a tariff of 15 percent on the EU goods, which is half of the 30 percent levy that the U.S. President Donald Trump had threatened to impose previously.

Also, the EU agreed to invest $600 billion in the U.S. by 2029 and purchase $750 billion of U.S. energy exports through 2028.

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