BREAKING NEWS

BREAKING NEWS

Euro zone swings to trade surplus

Now Reading:

Euro zone swings to trade surplus

Text size Aa Aa

The euro zone managed a trade surplus in September in contrast to August’s five billion euro trade deficit.

The European Union’s statistics office Eurostat said export growth outpaced the rise in imports year on year.

As a result, the 16 countries using the euro enjoyed a trade surplus with the rest of the world of 2.9 billion euros in September, up from 1.4 billion last year.

Eurostat said unadjusted exports grew 22 percent year-on-year in September, while imports were up 21 percent.

Adjusted for seasonal swings, exports grew 0.6 percent month-on-month in September while imports fell 2.5 percent against August.

“Seasonally-adjusted exports rose… for a second month running in September, thereby suggesting that there was still decent foreign demand for euro zone products,” said Howard Archer, an economist at IHS Global Insight.

“Nevertheless, the overall growth rate in euro zone exports has clearly moderated in recent months,” he said. “Meanwhile, euro zone imports fell…in September, thereby hinting at softening euro zone domestic demand.”