Eurozone Trade Surplus Rises Year on Year in July

Data showed that the Eurozone’s unadjusted trade surplus jumped year on year in July, as imports fell further with exports amid an economic slowdown caused by the COVID-19 pandemic.

The European Union statistics office Eurostat said that the trade surplus of the 19-country Eurozone countries with the rest of the world amounted to 27.9 billion euros, equivalent to 33.1 billion dollars, in July, up from 23.2 billion dollars a year ago. Eurozone imports fell 14.3% in July compared to the same period last year, while exports fell only 10.4%.

The trade surplus, adjusted for seasonal fluctuations in July, was 20.3 billion euros, up from 16 billion euros in June, as exports adjusted for seasonal factors increased 6.5% on a monthly basis and imports rose only 4.2%.

The European Union’s trade deficit with China grew from January to July to 104.8 billion Euros from 92.5 billion in the same period in 2019, but the deficit in trade with Russia, the main supplier of oil and gas to Europe, fell sharply to 12.4 billion euros from 38.3. Billion.

The European Union’s trade surplus with the United States in the first seven months of the year decreased to 82.7 billion from 89.1 billion and with Britain to 55.7 billion Euros from 75.8 billion.