Eurozone Trade Surplus Grows By 10.3% In October To €30 Bn

Protectionism vs free tradeCommercial activity amongst the euro members fell by 6.8% in the tenth month of the year, to 166.1 billion euros

The positive trend in the euro area trade balance increased in October by 10.3% year-on-year, reaching 30 billion euros, according to data on international trade in goods published by Eurostat.

By items, exports of goods from the euro area to the rest of the world contracted by 9%, to 199.3 billion euros. The fall was offset by a sharper decline in exports, which fell by 11.7%, to 169.3 billion euros. Commercial activity amongst the euro members fell by 6.8% in the tenth month of the year, to 166.1 billion euros.

With respect to the activity registered in the first ten months of 2020, the trade surplus of the Eurozone stood at 180.1 billion euros, 1% more. Exports up to October stood at 1.744 trillion euros (-11.1%), while imports reached 1.564 trillion euros (-12.4%). Trade moves among the euro partners contracted by 10.8% between January and October, to 1.478 trillion euros.

On the other hand, the trade balance of the European Union recorded a surplus of 28.1 billion euros, 19.6% higher than in 2019.

Exports from the Community block to the rest of the world in the tenth month of the year fell by 10.3% totalling 178.9 billion euros. Imports fell by 14.3%, to 150.8 billion. Trade activity amongst the Member States droppped by 4.5%, to 266.6 billion euros.

Up to October 2020, EU exports and imports were down by 11.3% (1.579 trillion) and 13% (1.417 trillion), respectively. During this period, the EU-27 recorded a trade surplus of 162.2 billion euros, 7.1% higher. Commercial activity amongst the Community partners fell by 9.5%, to 2.334 trillion euros.

The US remained the country which channelled most of its exports to the EU up to October, with a value of 291 billion euros, 10.2% less than a year earlier. The UK, with 224.6 billion, 17.5% less, and China, with 163.3 billion, 0.1% less came in behind. In turn, the EU-27 imported goods mainly from China (314.4 billion euros), the US (169.7 billion) and the UK (162.6 billion).

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