Europe’s Trade Surplus Rises in July

The euro zone’s trade surplus rose year-on-year in July as exports grew faster than imports, pointing to a positive contribution to economic growth at the start of the third quarter, the European Union’s Statistics office data showed.

Eurostat said the non-seasonally adjusted external trade surplus of the 18 countries sharing the euro was 21.2 billion euros (27.39 billion US dollar) in July, up from 18.0 billion in July 2013. Exports increased 3 percent year-on-year while imports only 1 percent.

Adjusted for seasonal swings, however, and on a month-on-month basis, exports edged 0.2 percent lower in July against June while imports rose 0.9 percent.

 
The seasonally adjusted trade balance was a 12.2 billion surplus, down from 13.8 billion in June and 15.2 billion in May.

There was no detailed data for July yet, but Eurostat said that in the first six months of the year the euro zone’s trade deficit narrowed to 144.9 billion euros from 157.8 billion in the first six months of 2013.

The trade deficit with Russia, Europe’s main oil and gas supplier, rose slightly to 31.7 billion euros in the January-June period from 29.5 billion in the same period of 2013, because euro zone experts to Russia tumbled 14 percent and the value of imports fell only 6 percent.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza