FX.co ★ Eurozone Trade Surplus Declines In July

The euro area trade surplus declined sharply in July as exports declined amid rising imports, data from Eurostat showed on Friday.

The trade surplus declined sharply to a seasonally adjusted EUR 2.9 billion from EUR 8.6 billion in the previous month. Exports decreased 1.7 percent from a month ago, while imports grew 0.7 percent in July.

On an unadjusted basis, the trade balance posted a surplus of EUR 6.5 billion compared to a deficit of EUR 36.3 billion in the same period last year.

The unadjusted trade balance turned positive as imports registered a double-digit annual decline of 18.2 percent in July. At the same time, exports logged only a moderate 2.7 percent drop.

During January to July period, euro area exports rose 2.3 percent annually, while imports fell 8.4 percent.

As a result, the trade balance showed a EUR 2.7 billion surplus in contrast to a EUR 188.1 billion deficit see in January to July 2022.