Eurozone Trade Surplus Widens in August


The first estimate for the euro area trade in goods balance with the rest of the world in August 2014 gave a €9.2 billion surplus, compared with +€7.3 billion in August 2013. Yet, compared with the previous month, the trade surplus narrowed 57 percent.

Exports fell 3 percent year-on-year to € 140.5 billion in August of 2014. Imports contracted 4 percent to € 131.3 billion. In August compared with July 2014, seasonally adjusted exports fell by 0.9 percent and imports by 3.1 percent.

From January to July, the European Union deficit for energy decreased (-€201.9 billion in January-July 2014 compared with -€219.4 billion in January-July 2013), as did the surplus for machinery and vehicles (+€149.3 billion compared with +€162.4 billion). The highest increases in European Union exports were registered with China (+11percent in January-July 2014 compared with January-July 2013), South Korea (+10 percent) and the United States (+5percent), and for EU28 imports with South Korea (+12 percent), Turkey (+7 percent), China (+6 percent) and Switzerland (+5 percent). The most notable decreases were recorded for exports to Switzerland (-22 percent), Russia (-12 percent) and India (-10 percent), and for imports from Russia and Norway (both -7 percent) and Brazil (-5percent).

The European Union trade surplus increased with the USA (+€59.4 billion in January-July 2014 compared with +€52.9 billion in January-July 2013), but decreased with Switzerland (+€24.2 billion compared with +€50.5 billion) and Turkey (+€11.0 billion compared with +€17.1 billion). The EU28 trade deficit fell with Norway (-€21.2 billion compared with -€24.3 billion), and remained nearly stable with China (-€72.5 billion compared with -€73.1 billion) and Russia (-€50.6 billion compared with -€50.5 billion).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+€124.5 billion in January-July 2014), followed by the Netherlands (+€34.6 billion), Italy (+€24.3 billion), Ireland (+€20.1 billion) and the Czech Republic (+€10.0 billion). The United Kingdom (-€76.2 billion) registered the largest deficit, followed by France (-€43.2 billion), Spain (-€13.6 billion) and Greece (-€12.4 billion).

Eurozone Trade Surplus Widens in August


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
10/16/2014 10:17:06 AM