Link Securities | According to the preliminary estimate of the data, released on Tuesday by Eurostat, the Eurozone generated in July a trade surplus with the rest of the world amounting to €21.2 billion (€21.7 billion in June), much higher than the €6.7 billion reached in July 2023 and the €18 billion expected by FactSet’s consensus analysts.
In the month of July, exports of goods from the Eurozone to the rest of the world amounted to €252.0 billion, an increase of 10.2% year-on-year, while imports from the rest of the world amounted to €230.8 billion, an increase of 4.0% compared to July 2023.
In July and compared to June, the Eurozone’s surplus decreased slightly from €21.7 billion to the aforementioned €21.2 billion. This was a consequence of an increase in the deficit of energy (-€25.3 bn vs. -€22.6 bn in June) and raw materials (-€2.8 bn vs. -€2.3 bn in June), and a decrease in the surplus of other manufactured goods (+€1.0 bn vs. +€2.6 bn in June), which was partially offset by an increase in the surplus of chemicals and related products (+€25.1 bn vs. +€20.7 bn in June).
During the first seven months of the year (7M2024) the Eurozone recorded a surplus of €127.7 bn, compared to €3.7 bn generated in 7M2023. In the period, exports of goods from the Eurozone to the rest of the world increased to €1.68 trillion (an increase of 0.8% compared to 7M2023), and imports fell to €1.55 trillion (a decrease of 6.6% compared to 7M2023). In addition, intra-Eurozone trade declined to €1.53 trillion, down 4.3% from 7M23.
