Financial News: Eurozone Trade Surplus Surges On Exports To US

Eurozone Trade Surplus Surges On Exports To US

(RTTNews) - The euro area trade surplus grew strongly in March as exports to the U.S increased sharply ahead of the expected increase in trade tariffs. The trade balance showed a surplus of EUR 36.8 billion compared to a EUR 22.8 billion surplus in the same period last year, Eurostat reported Friday.

Exports of goods logged a double-digit annual growth of 13.6 percent. At the same time, imports climbed 8.8 percent.

Data showed that exports to the United States surged 59.5 percent in March, while imports from the country grew only 9.4 percent. Consequently, the trade surplus with the U.S. increased sharply to EUR 40.7 billion from EUR 16.7 billion last year.

On the other hand, exports to China declined 10.1 percent and imports from China increased 15.8 percent.

The euro area trade surplus rose to a seasonally adjusted EUR 27.9 billion, which was the highest level since January 2002. The surplus was EUR 22.7 billion in February.

Exports increased 2.9 percent from February and imports grew 1.0 percent in March.

In the first quarter, exports and imports increased by 7.6 percent and 3.4 percent respectively. As a result, the trade surplus totaled EUR 64.2 billion. The Trump administration has levied 25 percent tariffs on EU cars and metals and baseline tariff of 10 percent on all EU goods.

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