Link Securities | According to preliminary estimates of data released by Eurostat on Tuesday, the euro zone posted a trade surplus with the world of 21.2 billion euros in July (21.7 billion euros in June), significantly higher than the 6.7 billion euros expected for July 2023 and the 18 billion euros consensus analyst forecast by FactSet.
In July, the euro area exported goods to the rest of the world worth €252 billion, up 10.2% year-on-year, while imports from around the world totaled €230.8 billion, up 4.0% compared to July 2023.
In July, the Eurozone surplus decreased slightly compared to June, from €21.7 billion to the aforementioned €21.2 billion. This was the result of higher deficits in energy (-€25.3 billion compared to -€22.6 billion in June) and raw materials (-€2.8 billion compared to -€2.3 billion in June) and a lower surplus in other manufactured goods (+€1.0 billion compared to +€2.6 billion in June), partially offset by an increase in the surplus in chemicals and related products (+€25.1 billion compared to +€20.7 billion in June).
In the first seven months of the year (7M 2024), the euro area recorded a trade surplus of €127.7 billion, up from €3.7 billion in the 7M 2023 period. During this period, merchandise exports from the euro area to the world increased to €1.68 trillion (up 0.8% compared to the 7M 2023 period), while imports fell to €1.55 trillion (down 6.6% compared to the 7M 2023 period). Moreover, trade within the euro area fell to €1.53 trillion, down 4.3% compared to the 7M 2023 period.
