July trade surplus drops YoY in Eurozone, EU28

July trade surplus drops YoY in Eurozone, EU28

Mubasher: The provisional reading indicated that Eurozone trade balance surplus reached EUR 17.6 billion ($20.6 billion) in July, down from EUR 21.6 billion in the same month last year.

For the 28 Members of European Union (EU28), the trade balance recorded a surplus of EUR 100 million ($117 million) in July, plunging from EUR 7.8 billion for the same month a year earlier, data released by the Eurostat revealed on Friday.

Exports from the Eurozone with the rest of the world climbed 9.4% to EUR 194.6 billion in July, compared with EUR 177.8 billion for the same month of the previous year.

Moreover, EU28 exports also jumped 8.2% to EUR 170.4 billion in July from EUR 155.5 billion in the same month last year.

However, the rising exports from the Eurozone were offset by imports incoming from the rest of the world which surged year-on-year 13.4% to EUR 177.1 billion in July, while in the EU28, imports soared 15.4% year-on-year to EUR 170.4 billion, from EUR 147.7 billion.

Intra-Eurozone trade climbed 9.3% year-on-year to EUR 162.3 billion in July, while Intra-EU28 trade volume rose 8.7% to EUR 288 billion.

By 9:20 am GMT, the EUR/USD pair went up 0.10% to $1.1702.

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Source: Mubasher

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