Mubasher: Initial estimates suggested that the Eurozone trade balance posted a surplus of EUR 20.6 billion ($22.93 billion) in June, down from EUR 22.6 billion in the same month last year.

Eurozone exports with the rest of the world dropped by 4.7% to EUR 189.9 billion last June, compared to EUR 199.3 billion in exports in the comparable month last year, data released by the Eurostat showed on Friday.

Meanwhile, Eurozone imports from the rest of the world fell by 4.1% year-on-year to EUR 169.3 billion during the month.

Trade balance for the 28 Members of European Union (EU28) saw a surplus of EUR 6.1 billion ($6.79 billion) last June, compared with a surplus of EUR 7 billion the year before.

This came due to a 4.4% drop in exports from the EU28, having totalled EUR 164.5 billion during June, compared with EUR 172.1 billion a year ago, while EU28 imports fell by 4.2% to EUR 158.3 billion.

Intra-Eurozone trade plunged by 6.6% year-on-year to EUR 160.5 billion in June, while Intra-EU28 trade volume dropped by 6.4% to EUR 288.8 billion.

By 9:57 am GMT, the EUR/USD pair fell by 0.21% to $1.1084.