Euro Area Trade Surplus Widens 34.4% YoY in May

The Eurozone trade surplus increased 34.4 percent year-on-year to €24.6 billion in May of 2016 compared to €18.3 billion surplus a year earlier, beating market expectations of €23 billion. Imports fell 2 percent while exports rose 2 percent. Considering the first five months of the year, the trade surplus increased to €105.3 billion, compared to €85.9 billion in the same period of 2015.

Total exports rose 2.0 percent year-on-year to €167.4 billion, following a 0.9 percent drop in April. Imports fell 2.0 percent to €142.8 billion, after decreasing by 5.3 percent in the previous month. Considering the first five months of the year, sales from the Eurozone were unchanged at €826.6 billion and imports slumped 3 percent to €721.3 billion, bringing the trade surplus up to €105.3 billion from €85.9 billion a year earlier.

Considering the European Union, exports declined 2.0 percent to €142.7 billion and imports fell 3.0 percent to €136.3 billion. As a result, the EU28 recorded a €6.4 billion surplus compared with €5.8 billion a year earlier. Intra-EU28 trade rose 1.0 percent to €252 billion. 

In the first five months of the year, exports from the European Union stood at €699 billion, down 4 percent and imports were at €689.5 billion, also down 4 percent. As a result, the EU28 trade surplus narrowed to €9.5 billion, compared with €10.5 billion a year earlier. 

Sales of energy recorded the biggest drop (-27 percent), followed by other goods (-23 percent), raw materials (-7 percent), machinery and vehicles (-2 percent) and chemicals (-2 percent) while shipments of food went up 1 percent. Among trading partners, the highest declines were reported for South Korea (-11 percent), Switzerland (-8 percent), India (-5 percent), Russia (-5 percent), China (-3 percent) and Turkey (-3 percent).

Imports of primary goods slumped 25 percent, namely energy (-33 percent) while purchases of manufactured goods (+1 percent) and other goods (+67 percent) rose. Imports from Norway declined 23 percent and from Russia went down 22 percent. In contrast, those from Switzerland (+19 percent), Turkey (+11 percent), Japan (+11 percent) and South Korea (+3 percent) went up.

Euro Area Trade Surplus Widens 34.4% YoY in May

Eurostat | Yekaterina Guchshina |
7/15/2016 10:32:23 AM