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Eurozone trade surplus increases in July
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The eurozone trade surplus rose in July compared with June, official data showed yesterday, pointing to a tentative recovery from a record recession.
The 17-nation eurozone posted a surplus of 18.2 billion euros (US$24.3 billion) in July, up from 16.5 billion euros in June, the Eurostat data agency said.
Across the full 28-member European Union, the trade surplus rose to 10.4 billion euros in July from 9 billion euros in June.
The eurozone trade surplus, driven largely by German exports, is one of the currency bloc’s strong points as it struggles to emerge from the debt crisis.
Howard Archer, chief European economist for IHS Global Insight, warned that exports are dependent on a global economy that has shown recent signs of uncertainty.
“Eurozone exports disappointingly fell by 1.6 percent month on month in July, which was the third decline in four months despite a gain of 1.3 percent in May,” he said.
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