Euro Area Posts Trade Surplus in July

The Euro Area recorded a trade surplus of EUR 6.5 billion in July 2023, switching from a EUR 36.3 billion gap in the same month of the previous year. Imports tumbled by 18.2% to EUR 221.3 billion, while exports fell at softer 2.7% to EUR 227.8 billion. Considering January to July, the trade surplus was EUR 2.7 billion, compared with a EUR 188.1 billion deficit in the corresponding period of the previous year. The European Union posted a trade deficit of EUR 10.2 billion in the first seven months of the year, narrowing from EUR 244.8 billion in 2022. Imports declined by 11.4% to EUR 1,502.2 billion, mainly due to a 28.1% fall for energy products. Also, imports declined for other manufactured goods (-11.6%), chemicals (-10.9%), and raw materials (-19.4%). Exports rose by 2.9% to EUR 1,492 billion, led by machinery & vehicles (6.3%) and food & drink (5.2%). The trade deficit narrowed with Russia (EUR 9.2 billion from EUR 105 billion) and China (EUR 174.7 billion from EUR 220.3 billion).