Portfolio

Eurozone €21.2bn trade surplus beats forecasts

By Sean Farrell

Date: Friday 14 Aug 2020

Eurozone €21.2bn trade surplus beats forecasts

(Sharecast News) - The eurozone recorded a forecast-beating €21.2bn (£19bn) trade surplus in June as exports to the rest of the world fell 10% and imports dropped 12.2%.
The first estimate from Eurostat was well ahead of the average analyst forecast for a €12.6bn surplus and was more than double the €9.4bn result for May. The surplus was €19.4bn a year earlier.

Claus Vistesen, a eurozone specialist at Pantheon Macroeconomics, said: "The June trade report was an upside surprise. The evidence of a relatively quick rebound in the trade surplus at the end of Q2 is good news for the Eurozone's export sensitive sectors, and the economy as a whole, but we suspect the rebound is now petering out."

Trade between eurozone countries fell 7.3% to €150.6bn from a year earlier.

Companies are seeking to increase trade in an increasingly protectionist climate with the US taking a hardline on the EU and China. The EU's trade commissioner has warned that transatlantic trade tensions could lead to higher tariffs on goods traded between the EU and the US.

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