Eurozone Trade Surplus Increases Sharply

(RTTNews) - The euro area trade surplus increased sharply in July as growth in exports exceeded the increase in imports, Eurostat said Tuesday.

The trade surplus rose to EUR 14.2 billion in July from EUR 7.2 billion in June. In the same period last year, the surplus totalled EUR 10.7 billion.

Data showed that exports expanded 9.0 percent, which was weaker than the 14.3 percent increase in June. Likewise, annual growth in imports slowed to 7.9 percent from 13.5 percent a month ago.

The increase was mainly driven by a higher surplus in chemicals and related products, in other manufactured goods and food and drink, partially offset by a decrease of surplus in machinery and vehicles, Eurostat said.

During January to July, the trade balance showed a surplus of EUR 17.0 billion compared with a EUR 92.8 billion surplus in the same period last year.

On a seasonally adjusted basis, exports increased 1.2 percent from June, while imports fell 0.4 percent. As a result, the trade surplus rose to EUR 5.0 billion from EUR 1.0 billion in June.