Trade Surplus in European Goods Exchange Sharply Declined in June

The trade surplus in the eurozone and the EU with the world sharply declined in June, reflecting significantly poorer results in the chemicals sector, according to preliminary estimates from the European statistical office published on Monday.

In June, the trade surplus in the eurozone amounted to seven billion euros, which is 57.6 percent lower than in May when it surged to 16.5 billion euros.

The EU, on the other hand, recorded a trade surplus with the world of 8.0 billion euros in the sixth month of this year, which is 38.5 percent lower than in May, when, according to revised data, the trade surplus reached 13.0 billion euros.

The poorer results in both areas primarily reflect a spike in imports of chemicals and related products.

Compared to June of last year, the trade surplus of the eurozone plummeted by 66.2 percent, while the trade surplus of the EU decreased by 60.6 percent.

According to annual comparisons, the poorer results in the eurozone were caused by a reduction in the surplus in trade of chemicals and machinery and vehicles, as well as a deficit in trade of other industrial products, Eurostat states.

In the Union, the reduction in the surplus in trade of machinery, vehicles, and chemicals, along with the deficit in trade of other industrial products, outweighed the positive impact of a mitigated deficit in energy trade, the statistical office emphasizes.

Decline in Exports

Goods exports from the eurozone increased by 0.4 percent in June compared to the same month last year, reaching 237.2 billion euros, according to Eurostat calculations.

Compared to the previous month, the value of deliveries from the eurozone in June fell by 2.4 percent.

The value of imports, on the other hand, surged by 6.8 percent year-on-year, reaching 230.2 billion euros. On a monthly basis, it increased by 3.1 percent, statisticians calculated.

Deliveries of goods from the EU reached a value of 213.7 billion euros in June, the same as in the same month last year. Compared to May, the value of exports fell by 2.3 percent, Eurostat calculations showed.

The value of goods imports into the EU increased by 6.4 percent year-on-year, reaching 205.7 billion euros, while compared to the previous month, according to seasonally adjusted data, it rose by 2.9 percent.

USA Main Export Market

In June, the main destination for goods from the European Union was the USA, despite a decline in the value of deliveries by 10.3 percent year-on-year, to 40.2 billion euros.

The value of goods imports from the USA to the EU surged by 16.4 percent compared to June of last year, amounting to 30.6 billion euros.

Thus, the EU’s trade surplus in goods exchange with the USA in June amounted to 9.6 billion euros, nearly half of what it was in the same period last year, according to statistical office data.

In June, the EU imported the most from China, with a surge in the value of deliveries by 16.7 percent, to 46.4 billion euros.

The value of European exports to the Chinese market, on the other hand, fell by 12.7 percent compared to June of last year, amounting to 16.9 billion euros.

In trade with China, the EU recorded a deficit of 29.5 billion euros, which is 44.6 percent deeper than in the same period last year, Eurostat data showed.