Eurozone Trade Surplus Widened as Exports Recovered More Than Imports

Data revealed that the Eurozone’s unadjusted trade surplus jumped year on year in October as exports performed better than imports amid the economic slowdown caused by the COVID-19 pandemic.

The European Union statistics office said the commodity trade surplus in 19 countries in the Eurozone amounted to 30.0 billion euros, equivalent to 36.6 billion dollars, in October, up from 27.2 billion a year ago.

Eurozone imports fell 11.7% in October year-on-year, while exports fell only 9%.

After adjusting in light of seasonal fluctuations, the trade surplus in October registered 25.9 billion euros, up from 23.7 billion in September, as commodity exports, adjusted for seasonal factors, increased 2.1% on a monthly basis, while imports rose 1%.

Eurostat said that over the past six months exports recovered faster than imports, so the trade balance returned to pre-crisis levels. However, compared to February, the month before the general isolation measures were imposed to combat COVID-19, exports decreased by 6.2%, while imports decreased by 7.4%.