The Euro Area registered a trade surplus of EUR 6.7 billion in August, swinging from a EUR 54.4 billion deficit in the same month of 2022, data by Eurostat showed on Monday.
Total exports decreased at an annual rate of 3.9% to EUR 221.6 billion, while total imports plummeted 24.6% to EUR 214.9 billion.
During the period between January and August, the trade surplus stood at EUR 8.1 billion. That compares with a EUR 242.9 billion trade deficit in the January-August period of 2022.
The European Union recorded a trade deficit of EUR 9.8 billion in the first eight months of 2023, compared with a EUR 311.4 billion shortfall in the respective period of 2022.
EU exports increased 2% to EUR 1,691 billion, driven by machinery & vehicles (+12.4%).
Meanwhile, EU imports shrank 13.6% to EUR 1,701 billion, dragged down mostly by declines in energy products (-31.5%), raw materials (-20.4%), other manufactured goods (-13.1%) and chemicals (-11.5%).
The Euro was last edging up 0.32% on the day against the US Dollar, with the EUR/USD currency pair trading at 1.0540. The major Forex pair bounced off Friday’s one-week low of 1.0495.
The US Dollar eased from recent highs against a basket of major peers, though safe haven bets stemming from concerns over a widening conflict in the Middle East still kept the greenback elevated.
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