Increased exports boost Eurozone trade surplus

Industry News | | MIC Customs Solutions |

Exports from the Eurozone have recovered much more quickly than imports to the bloc, new figures from Eurostat show.

The Eurozone group of countries saw its trade surplus increase in October, as more exports helped the bloc bounce back from its Covid-related slump.

New figures from Eurostat revealed that overall, the unadjusted trade surplus for the 19 countries sharing the currency increased to €30 billion in October, up from €27.2 billion for the same month in 2019.

This was down to the fact that exports from the region have recovered significantly faster than imports, which has enabled the trade balance to return to pre-coronavirus levels.

Imports to the Eurozone in October were down by 11.7 per cent year-on-year. Exports, on the other hand, only saw a decline of nine per cent when compared with October 2019.

The report also revealed the Eurozone's trade deficit with China increased during the period from January to October 2020, from €140.9 billion in 2019 to €151.1 billion for the same period this year.

However, its trade deficit with Russia fell significantly over the same timeframe, from €48.9 billion to just €13 billion. The bloc retained a surplus with both the US and UK.

Elsewhere, a new report by ratings agency Fitch has found global trade continues to recover, despite a slump in the services sector. It revealed trade in goods has increased quickly since April, driven by strong electronics and medical imports in the US and EU.