Eurozone trade surplus shrinks more than expected
By Benjamin Chiou
Date: Tuesday 17 Dec 2024
(Sharecast News) - The eurozone trade surplus shrank substantially in October, according to figures from Eurostat on Tuesday, with the balance falling to its second-lowest level in 14 months.
The single-currency region recorded a trade balance of €6.8bn for the month, compared with a revised €11.6bn for September, which was lowered from the initial estimate of €12.5bn.
This came in well below the consensus forecast of €11.7bn and marked a reduction from the €9.4bn surplus recorded in October 2023. This was the second-lowest surplus since August 2023, with the balance falling to just €4.1bn in August 2024.
The month-on-month change was mainly due to a smaller surplus for chemicals and related products (from €21.7bn to €19.2bn) and machineries and vehicles (from €13.4bn to €11.9bn) and an increase in the deficit for energy (from €22.1bn to €25.5bn).
Exports from the eurozone totalled €254bn in October, up 2.1% on the same month last year, while imports rose 3.2% to €247.2bn.
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