Eurozone trade surplus rises sharply in June due to exports of powerful machinery, vehicles
Date
8/18/2024 4:23:55 AM
(MENAFN) In June 2024, the eurozone's trade surplus saw a significant increase, primarily due to strong exports of machinery, vehicles, and chemicals. According to Eurostat, the European Union's statistical agency, the trade surplus in the 20-nation currency area surged to USD24.60 billion, up from USD15.36 billion in May 2024. This rise was largely attributed to a notable increase in the trade surplus of machinery and vehicles, which grew by USD3.16 billion, chemicals by USD1.30 billion, and other manufactured goods by USD 1.30 billion. Additionally, the eurozone's energy trade deficit decreased by USD2.82 billion, further contributing to the overall surplus.
Despite this growth, the eurozone's exports fell by 6.3 percent year-on-year in June, following a 0.9 percent drop in May 2024. Imports also decreased, dropping by 8.6 percent in June after a 6.9 percent reduction in May. When seasonal factors were considered, the trade surplus for June was USD19.31 billion, up from USD13.68 billion in May, even though exports decreased by 0.2 percent and imports by 2.4 percent during the same period. These figures indicate a mixed performance, with certain sectors showing robust growth while others experienced declines.
On a broader scale, the European Union's trade surplus with the rest of the world also increased, reaching USD20.52 billion in June, up from USD19.95 billion in the previous month. This expansion reflects the continued strength of the eurozone's export sectors, particularly in machinery, vehicles, and chemicals, which have helped offset the decline in overall trade volumes. The overall performance highlights the resilience of specific industries within the eurozone, despite the challenges faced by the broader economy.
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