Euro area’s trade balance reports $22.9B surplus in June

By Emir Yildirim

ISTANBUL (AA) - The euro area recorded a trade surplus of €22.3 billion ($22.9 billion) in June, according to preliminary estimates released by Eurostat on Friday. This represents an increase from the €18 billion ($19.7 billion) surplus reported in the same month last year.

The rise in the trade balance surplus was driven by a higher surplus in machinery and vehicles, chemicals, and other manufactured goods, coupled with a reduction in the energy deficit.

Euro area exports of goods fell by 6.3% year-on-year to €236.7 billion ($260 billion), while imports decreased by 8.6% to €214.3 billion ($235.4 billion).

For the EU-27, the trade surplus in June was €20.9 billion ($22.9 billion), up from €18.6 billion ($20.4 billion) in June of the previous year.

The United States emerged as the top destination for EU exports in June, receiving €44.6 billion ($49 billion), an increase of 1.9% year-on-year. The UK followed with €28 billion ($30.7 billion), China with €19 billion ($20.8 billion), Switzerland with €15.4 billion ($16.9 billion), and Türkiye with €8.3 billion ($9.1 billion).

In terms of imports, China was the largest supplier to the EU, accounting for €39.7 billion ($43.6 billion), a decrease of 8.1% compared to the previous year. The United States came next with €25.9 billion ($28.4 billion), followed by the UK with €14.1 billion ($15.4 billion), Switzerland with €10.8 billion ($11.8 billion), and Norway with €8.3 billion ($9.1 billion).

For the first half of the year, January to June, the euro area’s exports declined by 0.8% compared to the same period last year, totaling €1.4 trillion ($1.5 trillion). Imports decreased by 8.4% to €1.3 trillion ($1.4 trillion) over the same period.

The trade surplus for the euro area in January-June was €107.5 billion ($117.5 billion), a significant turnaround from a deficit of €3 billion ($3.3 billion) during the same period last year.