The Euro Area trade surplus widened to EUR 23.0 billion in May 2019 from EUR 16.9 billion in the corresponding month of the previous year and easily beating market forecasts of a EUR 16.3 billion surplus. Exports went up 7.1 percent from a year earlier and imports advanced at a slower 4.2 percent. Balance of Trade in the Euro Area averaged 6275.15 EUR Million from 1999 until 2019, reaching an all time high of 30369.30 EUR Million in July of 2015 and a record low of -16510.20 EUR Million in January of 2011.

Balance of Trade in Euro Area is expected to be 11800.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Euro Area to stand at 20900.00 in 12 months time. In the long-term, the Euro Area Balance of Trade is projected to trend around 14000.00 EUR Million in 2020, according to our econometric models.

Euro Area Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-17 09:00 AM Balance of Trade Feb €17.9B €1.8B €12.3B €15.1B
2019-05-16 09:00 AM Balance of Trade Mar €22.5B €19.1B €19.9B €20.5B
2019-06-18 09:00 AM Balance of Trade Apr €15.7B €23.2B €8.8B €12.6B
2019-07-16 09:00 AM Balance of Trade May €23B €15.9B €16.3B €14.5B
2019-08-16 09:00 AM Balance of Trade Jun €20B
2019-09-13 09:00 AM Balance of Trade Jul €16.8B
2019-10-16 09:00 AM Balance of Trade Aug €9.5B



Eurozone Trade Surplus Larger than Expected

The Euro Area trade surplus widened to EUR 23.0 billion in May 2019 from EUR 16.9 billion in the corresponding month of the previous year and easily beating market forecasts of a EUR 16.3 billion surplus. Exports went up 7.1 percent from a year earlier and imports advanced at a slower 4.2 percent.

Exports rose 7.1 percent to EUR 203.4 billion in May from last year's EUR 189.9 billion, while imports increased at a softer 4.2 percent to EUR 180.3 billion from EUR 173.0 billion. Intra-euro area trade advanced 4.9 percent year-on-year to EUR 172.0 billion in May. Considering the first five months of the year, the trade surplus was at EUR 82.7 billion, compared to EUR 80.5 in the same period a year ago, with exports rising 5 percent to EUR 973.5 billion and imports increasing 5.2 percent to EUR 890.8 billion. 

Meantime, the European Union trade surplus rose sharply to EUR 7.8 billion from EUR 0.4 billion a year earlier, as exports jumped 10.7 percent to EUR 178.5 billion and imports advanced a slower 6.1 percent to EUR 170.7 billion. Considering the first five months of the year, the European Union recorded a trade gap of EUR 14.2 billion, compared to a EUR 9.9 billion deficit in the same period of 2018. The trade surplus with the US rose to EUR 62.1 billion from EUR 55.4 billion, while the trade shortfall with China went up to EUR 76.7 billion from EUR 69.2 billion.

Exports advanced 6.1 percent year-on-year to EUR 833.9 billion in January-May, mostly driven by higher sales of food & drink (10.5 percent), raw materials (7.5 percent), energy (0.5 percent), chemicals (8.4 percent), machinery & vehicles (4.8 percent) and other manufactured goods (5.6 percent). Among major trade partners, exports grew to the US (12.7 percent), China (11.1 percent), Switzerland (8.6 percent), Russia (3.5 percent), Japan (10.6 percent), Norway (9.2 percent), India (0.6 percent) and Canada (8.9 percent), but fell to Turkey (-19.9 percent) and South Korea (-4.3 percent). 

Imports went up at a faster 6.6 percent to EUR 848.1 billion, mainly due to higher purchases of food & drink (6.4 percent), raw materials (4.1 percent), energy (2.2 percent), chemicals (10.1 percent), machinery & vehicles (7.8 percent) and other manufactured goods (5.9 percent). Imports rose mostly from the US (13 percent), China (11 percent), Switzerland (10.5 percent), Russia (0.6 percent), Turkey (6.3 percent), Japan (7.4 percent), South Korea (5.3 percent), India (8.6 percent) and Canada (12.8 percent), but declined from Norway (-5.3 percent). 



Eurostat | Stefanie Moya | stefanie.moya@tradingeconomics.com
7/16/2019 9:32:49 AM



Euro Area Trade Last Previous Highest Lowest Unit
Balance of Trade 23033.60 15915.60 30369.30 -16510.20 EUR Million [+]
Current Account 13.32 20.66 47.72 -28.62 EUR Billion [+]
Current Account to GDP 3.00 3.20 3.20 -1.50 percent [+]
Imports 180337.60 177268.20 195035.10 55698.40 EUR Million [+]
Exports 203371.20 193183.80 209250.90 53045.90 EUR Million [+]
External Debt 14431879.12 14185222.30 14450131.93 5501622.00 EUR Million [+]
Capital Flows 53.96 -31.16 106.32 -70.94 EUR Billion [+]
Gold Reserves 504.80 504.80 766.88 501.45 Tonnes [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Euro Area Balance of Trade

Euro Area runs regular trade surpluses primarily due to its high export of manufactured goods such as machinery and vehicles. Euro area is a net importer of energy and raw materials. Germany, Italy, France and Netherlands account for the largest share of total trade. Main trading partners are the United Kingdom (12 percent of total exports and 10 percent of imports) and the United States (13 percent of exports and 6 percent of imports). This page provides the latest reported value for - Euro Area Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Balance of Trade - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
23033.60 15915.60 30369.30 -16510.20 1999 - 2019 EUR Million Monthly
NSA




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan 589.46 Jun/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 2447.29 Jun/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 3251.00 Jun/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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