Euro Zone’s February Trade Surplus Spikes Compared to Previous Year

In February, the eurozone witnessed a notable surge in its trade surplus compared to the previous year, largely due to a significant decline in imports, particularly in energy and raw materials, according to data from the European Union’s statistics office Eurostat released on Tuesday.

Eurostat reported that the unadjusted external trade surplus of the 20 eurozone countries soared to 23.6 billion euros in February, up from 3.6 billion euros a year earlier, as imports experienced an 8.4% year-on-year decrease, while exports saw a modest 0.3% uptick.

Across the European Union, energy imports recorded an 18.2% year-on-year decline in February, resulting in an energy trade deficit of only 28.2 billion euros, compared to 35.4 billion euros in February 2023.

Additionally, the deficit in raw materials trade more than halved, dropping to 1.5 billion euros from 3.3 billion euros a year earlier.

Simultaneously, the trade surplus in machinery and vehicles surged to 24.6 billion euros from 18.1 billion euros twelve months ago.

The EU’s trade surplus with its largest trading partner, the United States, increased to 15 billion euros in February from 13 billion euros a year earlier, while its surplus with China, the second-largest partner, narrowed to 20.5 billion euros from 22.5 billion euros.

Adjusting for seasonal fluctuations, the euro zone’s trade surplus stood at 17.9 billion euros.