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The first estimates of euro area balance showed a €13.9-billion ($15.13-billion) surplus in trade in goods with the rest of the world in May compared with a deficit of €0.4 billion (~$0.435 billion) in the same month last year.
In May, the euro area surplus decreased by €0.3 billion month on month (MoM) from €14.2 billion to €13.9 billion. This was due to a decrease of surplus for machineries and vehicles (minus €1.7 billion) and chemicals (minus €1.3 billion) partially offset by an increase in other manufactured goods (plus €2.6 billion).
In the first five months this year, the euro area recorded a surplus of €84.9 billion, compared with minus €21 billion in the corresponding period last year. The euro area exports of goods to the rest of the world during the period rose to €1,194.5 billion—an increase of 0.5 per cent YoY, and imports fell to €1,109.7 billion—a YoY decrease of 8.3 per cent.
Intra-euro area trade fell to €1,090.6 billion in January-May 2024—down by 5.2 per cent YoY.
The European Union (EU) balance showed a €9.7-billion ($10.57 billion) surplus in trade in goods with the rest of the world in May 2024, compared with a deficit of €2.6 billion in May last year, an official release said.
Extra-EU exports of goods in May this year were worth €216.3 billion ($235.78 billion)—down by 0.6 per cent YoY. Imports from the rest of the world to the bloc stood at €206.5 billion ($225 billion)—down by 6.2 per cent YoY.
Between January and May this year, extra-EU exports of goods rose to €1,068.8 billion—an increase of 0.7 per cent YoY, and imports fell to €994.7 billion—a decrease of 9.3 per cent YoY. As a result, the EU recorded a surplus of €74.2 billion, compared with a deficit of €36 billion during the corresponding period last year.
Intra-EU trade fell to €1,707.1 billion in the five months, a drop of 4.2 per cent YoY.
Fibre2Fashion News Desk (DS)