The euro area trade surplus declined sharply in July as exports declined amid rising imports, data from Eurostat showed on Friday.
The trade surplus declined sharply to a seasonally adjusted EUR 2.9 billion from EUR 8.6 billion in the previous month. Exports decreased 1.7 percent from a month ago, while imports grew 0.7 percent in July.
On an unadjusted basis, the trade balance posted a surplus of EUR 6.5 billion compared to a deficit of EUR 36.3 billion in the same period last year.
The unadjusted trade balance turned positive as imports registered a double-digit annual decline of 18.2 percent in July. At the same time, exports logged only a moderate 2.7 percent drop.
During January to July period, euro area exports rose 2.3 percent annually, while imports fell 8.4 percent.
As a result, the trade balance showed a EUR 2.7 billion surplus in contrast to a EUR 188.1 billion deficit see in January to July 2022.
