The Euro Area posted a trade surplus of EUR 6.7 billion in August 2023, switching from a EUR 54.4 billion gap in the same month of the previous year. Imports tumbled by 24.6% to EUR 214.9 billion, while exports fell at softer 3.9% to EUR 221.6 billion. Considering January to August, the surplus was EUR 8.1 billion, compared with a EUR 242.9 billion deficit in the corresponding period of the previous year. On the other hand, the European Union posted a trade deficit of EUR 9.8 billion in the first eight months of the year, narrowing from EUR 311.4 billion in 2022. Imports declined by 13.6% to EUR 1,701 billion, mainly due to a fall in energy products ( -31.5%), other manufactured goods (-13.1%), chemicals (-11.5%), and raw materials (-20.4%). Exports rose by 2% to EUR 1,691 billion, led by machinery & vehicles (12.4%) and food & drink (3.4%). The trade deficit narrowed with Russia (EUR 9.7 billion from EUR 116.3 billion) and China (EUR 197.6 billion from EUR 259.5 billion).
