Flaming June certainly proved to be a hot one for the eurozone’s trade balance, which basked in a sunnier-than-expected surplus of 16.8 billion euros.
This was a 1.4 billion-euro jump on May. Exports were up by three percent, imports by two percent. However performances were uneven among the bloc’s 18 members, and the economic effects of EU sanctions against Russia have yet to be factored in.
Once seasonal adjustments are made, however, exports fell by 0.5 percent while imports rose by a corresponding amount, underlining the fragility of the recovery.
In the first half of this year alone eurozone exports to Russia fell by 14 percent, and that was before the toughest sanctions.
Only Germany and Italy managed to increase their exports, year-on-year.