Eurozone trade surplus unexpectedly shrinks

16th Jul 2024 09:03

(Sharecast News) - The Eurozone's trade surplus unexpectedly shrank in May, falling to its lowest level in four months, according to figures released on Tuesday by Eurostat.

The single-currency region saw a trade balance of €13.9bn in May, following a downwardly revised €14.2bn surplus in April (initial estimate: €15bn).

This was the lowest level since January and well below the €17.1bn surplus expected by economists. Nevertheless, it compared with a trade deficit of €0.4bn in May 2023.

The Eurozone exported €241.5bn of goods to the rest of the world in May, down 0.5% on the year before, while imports fell 6.4% year-on-year to €227.6bn.

Meanwhile, the wider European Union reported a trade surplus of €9.7bn for the month, compared with a deficit of €2.6bn a year earlier.