Eurozone Trade Surplus Falls Sharply On Weak Exports
(RTTNews) - 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.
ECB Cuts Interest Rates By 25 Bps As Lagarde Airs Concern On Eurozone Growth
Eurozone Inflation Eases To 1.7% In September
Eurozone Industrial Output Recovers In August
German Economic Sentiment Strengthens In October
German Trade Surplus Increases As Exports Rise Unexpectedly, Imports Fall
German Construction PMI Rises To 16-Month High
Eurozone Private Sector Contracts For First Time In 7 Months
