Eurozone Trade Surplus Declines To 3-Month Low
(RTTNews) - Eurozone trade surplus declined to a three month low in April as demand from the US softened following tariff hikes, official data revealed on Friday.
The trade surplus declined to EUR 9.9 billion in April from EUR 37.3 billion in March, Eurostat reported. This was the lowest surplus since January.
In the same period last year, the surplus totaled EUR 13.6 billion. Moreover, the surplus was below the expected level of EUR 18.2 billion.
Exports logged an annual decrease of 1.4 percent in April, in contrast to the 13.8 percent increase in March. This was the first decline since November.
At the same time, imports grew marginally by 0.1 percent after rising 8.7 percent in the previous month.
On a seasonally adjusted basis, exports slid 8.2 percent month-on-month in April and imports dropped 3.0 percent. Consequently, the trade surplus declined to an adjusted EUR 14.0 billion from EUR 28.8 billion in March.
During January to April period, the euro area recorded a surplus of EUR 71 billion compared to a EUR 68.6 billion surplus in the same period last year. The EU trade balance showed a surplus of EUR 7.4 billion in April, down from a EUR 35.5 billion in March. The decline was primarily due to the contraction in the chemical sector surplus, which fell over 50 percent.
EU exports to the US grew 3.8 percent in April and imports from the US gained 2.4 percent. Meanwhile, exports to China plunged 15.9 percent and imports from China climbed 8.4 percent.
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