Euro Area Reports €20 Billion Trade Surplus in November


The Eurozone recorded a €20 billion surplus in November of 2014, down from record high of €24 billion in previous month but up compared to €16.5 billion surplus a year earlier.

Year-on-year, exports increased 1 percent to € 162.6 billion helped by a falling euro and imports fell 2 percent to € 155.6 billion due to lower oil prices. 

From October to November, exports increased by 0.2 percent while imports remained stable.

The EU 28 recorded a € 10.1 billion surplus, compared with a € 2.5 billion surplus a year earlier.

Considering the first eleven months of 2014, the EU28 deficit for energy decreased (-€286.7 bn in January-October 2014 compared with -€318.3 bn in January October 2013), as did the surplus for machinery and vehicles (+€213.4 bn compared with +€228.2 bn).

The highest increases in EU28 exports were registered with China (+11% in January-October 2014 compared with January-October 2013), South Korea (+10 percent) and the United States (+6 percent), and for EU28 imports with South Korea (+9 percent), China (+8 percent) and Turkey (+7 percent). The most notable decreases were recorded for exports to Switzerland (-20 percent), Russia (-12 percent) and Brazil (-8 percent), and for imports from Russia (-9 percent), Norway (-7 percent) and Brazil (-5 percent).

The EU28 trade surplus increased with the USA (+€86.5 bn in January-October 2014 compared with +€78.1 bn in January-October 2013), but decreased with Switzerland (+€34.0 bn compared with +€66.1 bn) and Turkey (+€16.5 bn compared with +€23.2 bn). The EU28 trade deficit fell with Russia (-€68.6 bn compared with -€72.5 bn) and Norway (-€28.1 bn compared with-€33.4 bn), while it increased with China (-€114.7 bn compared with -€110.6 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+€183.6 bn in January-October 2014), followed by the Netherlands (+€50.6 bn), Italy (+€33.6 bn), Ireland (+€29.2 bn) and the Czech Republic (+€14.1 bn). The United Kingdom (-€114.5 bn) registered the largest deficit, followed by France (-€60.5 bn), Spain (-€21.5 bn) and Greece (-€17.4 bn).

Euro Area Reports €20 Billion Trade Surplus in November


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
1/15/2015 1:53:24 PM