Eurozone Trade Surplus Falls Sharply On Weak Exports
2024-10-08
2890
(fxcue news) - Eurozone trade surplus declined notably in August due to the fall in exports, official data showed on Thursday.
Exports decreased 2.4 percent on a yearly basis, in contrast to the 9.4 percent increase in July, Eurostat reported. Likewise, imports dropped 2.3 percent after prior month's 3.6 percent gain.
As a result, the trade surplus fell sharply to an unadjusted EUR 4.6 billion in August from EUR 4.8 billion in the prior year. In July, the surplus totaled EUR 19.7 billion.
The decrease was mainly driven by a reduced surplus for machineries and vehicles and a shift in the balance for other manufactured goods.
On a monthly basis, exports edged down 0.1 percent, while imports grew 1.0 percent. The trade surplus dropped to EUR 11.0 billion from EUR 13.7 billion in July.
The EU trade balance showed a deficit of EUR 1.7 billion compared to a surplus of EUR 16.8 billion in July.
Today, the European Central Bank is widely expected to lower its key interest rates as concerns about the growth outlook heightened amid falling inflation. The bank is forecast to cut the key rates by 25 basis points after a similar reduction last month.
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