Euro Area Records Trade Surplus In July On Strong Export Growth

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First Estimates released by Eurostat, the statistical agency of the European Commission, revealed that the euro area's trade balance showed a surplus of 12.6 billion euros on a seasonally adjusted basis in July compared to a deficit of 3.5 billion euros in the year-ago period. Economists had expected the surplus to come in at a much more modest 1.1 billion euros.

In the previous month, the surplus was 5.4 billion euros. The increase in surplus compared to the previous month reflected a 4.1% increase in exports on a seasonally adjusted basis, while imports fell 0.3%.

Meanwhile, the EU27 nations recorded a surplus of 0.7 billion euros compared with a deficit of 22.4 billion euros in July 2008 and a deficit of 4.6 billion euros in June 2009.

First Estimates released by Eurostat, the statistical agency of the European Commission, revealed that the euro area's trade balance showed a surplus of 12.6 billion euros on a seasonally adjusted basis in July compared to a deficit of 3.5 billion euros in the year-ago period. Economists had expected the surplus to come in at a much more modest 1.1 billion euros. (Market News Provided by RTTNews)