Euro Area Trade Surplus Below Expectations In October
The Eurozone trade surplus decreased to €20 billion in October 2016 compared to a €23.2 billion in the same month of the previous year, and below market consensus of €29 billion. Exports decreased 5 percent while imports dropped 3 percent. Considering the first ten months of the year, the trade surplus increased to €223.8 billion, compared with €191.4 billion in the same period of 2015.
Exports of goods to the rest of the world decreased 5 percent year-on-year to €172.5 billion and imports declined 3 percent to €152.4 billion.
In January to October 2016, exports decreased 1 percent to €1,684.7 billion and imports fell 3 percent to €1,460.9 billion.
The European Union recorded a €2.7 billion surplus in trade in goods with the rest of the world, compared with €2.9 billion in October 2015. Exports and imports went down 5 percent to €146.5 billion and €143.8 billion, respectively.
In January to October 2016, the European Union recorded a surplus of €14.4 billion, compared with €33.6 billion in the same period a year ago. Exports of goods dropped 4 percent to €1,424.1, led by a fall in sales of energy (-18 percent), raw materials (-4 percent), machinery and vehicles (-3 percent), other manufactured goods (-3 percent) and chemicals (-2 percent). Imports contracted 3 percent to €1,409.7 billion, as purchases declined the most for energy (-25 percent) and raw materials (-7 percent). Among trading partners, the biggest decreases in shipments were reported for South Korea (-9 percent) and Switzerland (-7 percent); while the decline in imports mainly reflected the strong fall in purchases from Norway (-19 percent) and Russia (-18 percent).
12/16/2016 11:14:42 AM