Eurozone Posts Surprise Trade Surplus in January


The Euro Area trade surplus narrowed to EUR 1.5 billion in January 2019 from a revised EUR 3.1 billion in the same month of the previous year, defying market expectations of an EUR 8.0 billion deficit.

Exports of goods to the rest of the world increased 2.5 percent to EUR 183.4 billion in January from last year's EUR 179.0 billion, while imports rose at a faster 3.4 percent to EUR 181.8 billion from EUR 175.9 billion. Intra-euro area trade went up 2.4 percent year-on-year to EUR 164.6 billion in January.

Meanwhile, the European Union trade deficit widened to EUR 24.9 billion in January from EUR 21.4 billion a year ago. The trade surplus with the US increased to EUR 11.5 billion from EUR 10.1 billion, while the trade deficit with China rose to EUR 21.4 billion from EUR 20.8 billion.

Exports advanced 2.1 percent year-on-year to EUR 153.6 billion from EUR 150.4 billion, due to sales of chemicals (5.6 percent), food & drink (5.3 percent), machinery & vehicles (3.2 percent) and other manufactured goods (3 percent). Meanwhile, exports of raw materials were unchanged and those of energy plunged 11.2 percent. Among major trade partners, exports grew to the US (12.4 percent), China (10 percent), Switzerland (1.6 percent), Japan (7.5 percent), Norway (12.2 percent) and Canada (6.7 percent), but dropped to Turkey (-35.1 percent), South Korea (-10 percent) and India (-5.9 percent). Sales to Russia were unchanged.

Meanwhile, imports rose at a faster 3.9 percent to EUR 178.5 billion from EUR 171.8 billion, boosted by purchases of chemicals (10.7 percent), food & drink (7 percent), raw materials (4.3 percent), other manufactured goods (4.1 percent) and machinery and vehicles (3.4 percent). Imports of energy, however, dropped 0.3 percent. Imports rose mainly from the US (11.7 percent), China (5.7 percent), Switzerland (18.8 percent), Russia (2.1 percent), Japan (1.6 percent), Norway (1.4 percent), Turkey (4.6 percent), South Korea (14 percent), India (4.8 percent) and Canada (10.7 percent).

Eurozone Posts Surprise Trade Surplus in January


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/18/2019 10:37:26 AM