2023.10.1611:08:00UTC+00Eurozone Trade Balance Swings To Surplus In August

The euro area trade balance registered a surplus in August largely due to the fall in oil import costs, data from Eurostat showed on Monday.

On an unadjusted basis, the trade balance posted a surplus of EUR 6.7 billion compared to a sharp deficit of EUR 54.4 billion in the same period last year.

Imports plunged 24.6 percent on a yearly basis, while exports dropped only 3.9 percent.

Month-on-month, exports posted an increase of 1.6 percent, while imports decreased 2.0 percent from July.

On a seasonally adjusted basis, the trade surplus surged amid rising exports and falling imports. The trade surplus totaled EUR 11.9 billion, which was well above July's EUR 3.5 billion surplus.

During January to August, the extra-EU exports rose 2.0 percent and imports declined 13.6 percent from the previous year. As a result, the EU trade posted a shortfall of EUR 9.8 billion compared with EUR 311.4 billion deficit in the previous year.