Euro Area Trade Surplus Narrows in October


The Euro Area narrowed to EUR 14.0 billion in October 2018 from EUR 17.8 billion in the same month a year earlier. Exports rose 11.4 percent year-on-year while imports increased at a faster 14.8 percent.

Exports of goods to the rest of the world advanced 11.4 percent in October to EUR 209.7 billion compared to EUR 188.3 billion in October 2017. Meantime, imports of goods to the rest of the world jumped 14.8 percent to EUR 195.8 billion in October from last year’s EUR 170.5 billion. Intra-euro area trade surplus increased 8.7 percent year-on-year to EUR 175.8 billion in October.

In the first ten months of the year, exports rose 4.4 percent year-on-year to EUR 1896.0 billion and imports went up 6.9 percent to EUR 1740.0 billion. As a result the Euro Area recorded a surplus of EUR 156.0 billion from EUR 187.0 billion. Intra-Euro area trade advanced to EUR 1625.3 billion, up by 6.0 percent compared with the same period of 2017.

Considering the European Union, exports increased 13.4 percent to EUR 180.7 billion from EUR 159.4 billion in October 2017, and imports jumped 16.8 percent to EUR 188.4 billion from EUR 161.3 billion, posting a EUR 7.7 billion trade deficit. 

In January to October 2018, EU28 exports of goods went up by 5.0 percent year-on-year to EUR 1627.9 billion and imports rose by 6.7 percent to EUR 1650.3 billion. As a result, the EU28 trade balance shifted to a EUR 22.4 billion deficit from a EUR 4.1 billion surplus in the same period of 2017. Higher imports were boosted by purchases of primary goods (17.0 percent), namely energy (26.2 percent) and manufactured goods (3.7 percent), mainly machinery and vehicles (3.9 percent), chemicals (3.6 percent) and other manufactured goods (3.5 percent). On the other hand, purchases of food and drink fell (-0.2 percent). China was the biggest import parnter, with purchases rising 4.8 percent; the US was the second highest import partner increasing 3.2 percent; Russia (+16.5 percent) and  Norway (+15.5 percent). Higher exports were driven by sales of primary goods (7.1 percent), mostly due to energy (17.5 percent) and raw materials (3.4 percent). Also, sales of manufactured goods rose 4.0 percent, namely chemicals (8.2 percent), other manufactured goods (4.1 percent) and machinery and vehicles (2.2 percent). The US was the most important export partner, with sales advancing 8.2 percent), followed by China (+7.3 percent) and Switzerland (+6.9 percent).

Euro Area Trade Surplus Narrows in October


Eurostat | Stefanie Moya | stefanie.moya@tradingeconomics.com
12/17/2018 10:36:20 AM