Financial News: Eurozone Trade Surplus Rises In July

Eurozone Trade Surplus Rises In July

09/16/2024 - 06:28:00 (RTTNews)

(RTTNews) - The euro area trade surplus increased notably in July due to the sharp rebound in exports, Eurostat reported Monday.

On an unadjusted basis, the trade surplus rose sharply to EUR 21.2 billion in July from EUR 6.7 billion in the same period last year. In June, the surplus was EUR 21.7 billion.

Exports of goods to the rest of the world rose by 10.2 percent annually, reversing a 6.3 percent drop. This was the first increase in three months. Likewise, imports climbed 4.0 percent, following an 8.4 percent decrease.

The slight decrease in overall surplus compared to June was due to an increase in the deficit of energy and raw materials and also driven by a decline in the surplus of other manufactured goods.

In January to July, the trade surplus surged to EUR 127.7 billion from EUR 3.7 billion last year as exports advanced 0.8 percent and imports dropped 6.6 percent. In July, the trade balance showed a seasonally adjusted surplus of EUR 15.5 billion compared to a EUR 17.0 billion surplus in June.

Exports gained 0.8 percent from the previous month. At the same time, imports advanced 1.6 percent.

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