In June, the euro area's trade surplus experienced a significant surge, largely propelled by increased surpluses in machinery, vehicles, chemicals, and other manufactured goods, according to data released by Eurostat on Friday. The trade surplus climbed to EUR 22.3 billion in June, up from EUR 14.0 billion in May, surpassing economists' forecast of EUR 13.3 billion.
Eurostat attributed this improvement to a EUR 2.9 billion increase in the surplus for machinery and vehicles, accompanied by a EUR 1.2 billion rise in the surplus for chemicals. Additionally, the surplus for other manufactured goods saw a EUR 1.2 billion increase. The deficit for energy also fell by EUR 2.6 billion.
However, the trade surplus decreased from EUR 18.0 billion recorded in June 2023. Exports declined by 6.3 percent annually in June after a 0.9 percent drop in May. Similarly, the reduction in imports intensified to 8.6 percent from 6.9 percent.
On a seasonally adjusted basis, the trade surplus rose to EUR 17.5 billion from EUR 12.4 billion in May. Exports saw a slight decline of 0.2 percent, while imports dropped more significantly by 2.4 percent.
Furthermore, data indicated that the EU27 recorded a EUR 20.9 billion surplus in trade in goods with the rest of the world in June, compared to EUR 18.6 billion in the previous year.
