Eurozone generates €6.7 billion trade surplus in August compared with €54.4 billion deficit in same month last year

Link Securities | According to Eurostat yesterday, the Eurozone generated a trade surplus of €6.7 billion in August compared to a deficit of €54.4 billion in the same month last year. In August, imports in the euro zone fell by 24.6% to €214.9 billion, while exports fell by 3.9% to €221.6 billion. Between January and August (8M2023) the Eurozone’s trade surplus was €8.1 billion, compared to a deficit of €242.9 billion in the same period of the previous year.

On the other hand, it is notable that the European Union (EU) recorded a trade deficit of €9.8bn in 8M2023, narrowing from €311.4bn in 2022. Imports decreased by 13.6% to €1.701 billion, mainly due to a fall in energy products (-31.5%), other manufactured goods (-13.1%), chemicals (-11.5%), and raw materials (-20.4%). Exports increased by 2% in the period to €1,691 million, led by exports of machinery and vehicles (12.4%) and food and beverages (3.4%). The trade deficit narrowed with Russia (9.7 billion euros from €116.3 billion) and China (€197.6 billion from €259.5 billion).

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