🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Euro zone swings to trade surplus y/y in July

Published 09/15/2023, 05:04 AM
Updated 09/15/2023, 05:05 AM
© Reuters. FILE PHOTO: Containers and cars are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg September 23, 2012.  REUTERS/Fabian Bimmer/File Photo
EUR/USD
-

BRUSSELS (Reuters) - The euro zone swung to an unadjusted 6.5 billion euro trade surplus in July from a 36.3 billion euro deficit a year earlier as costs of energy imports plunged and exports of manufactured goods surged, data showed on Friday.

The European Union's statistics office Eurostat said the unadjusted trade balance in the January-July period also became positive showing a 2.7 billion euro surplus, compared with a 188.1 billion euro deficit in the same period of 2022.

Adjusted for seasonal swings, the trade surplus in July was 2.9 billion euros, down from 8.6 billion in June.

A massive fall in the trade deficit in energy of the 27-nation European Union had the biggest impact on the results, with the trade gap down to 247.7 billion euros in the first seven months of the year from 352.3 billion in the same period of 2022.

At the same time the EU trade surplus in manufactured goods almost doubled to 215.9 billion in the January-July period from 115.1 in the same period last year.

© Reuters. FILE PHOTO: Containers and cars are loaded on freight trains at the railroad shunting yard in Maschen near Hamburg September 23, 2012.  REUTERS/Fabian Bimmer/File Photo

The EU's trade gap with Russia, which used to be the bloc's main energy supplier before Moscow's invasion of Ukraine, shrunk to 9.2 billion euros in the seven months of this year from 105 billion last year.

The EU's trade gap with China, its second biggest trading partner after the United States, also continued to shrink to 174.7 billion euros in the first seven months from 220.3 billion in the same period of 2022.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.