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Financial News: Eurozone Trade Surplus Increases In July

Eurozone Trade Surplus Increases In July

09/16/2020 - 05:14:00 (RTTNews)

(RTTNews) - The euro area trade surplus increased for the third straight month in July to reach pre-pandemic levels, data published by Eurostat showed Wednesday.

Exports grew by a seasonally adjusted 6.5 percent and imports advanced 4.2 percent on a monthly basis in July.

As a result, the trade surplus increased to EUR 20.3 billion from EUR 16.0 billion in June.

Data showed that the covid-19 containment measures introduced by the member states continued to have a noticeable impact on global trade in goods. The annual decline in euro area imports exceeded the fall in exports.

Exports of goods decreased 10.4 percent annually and imports dropped 14.3 percent. Consequently, the trade surplus climbed to an unadjusted EUR 27.9 billion in July from EUR 23.2 billion in the same period last year.

The EU trade surplus totaled seasonally adjusted EUR 18.7 billion in July versus a EUR 15 billion surplus a month ago. Exports and imports were up 5.7 percent and 3.6 percent, respectively.

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