On Thursday, non-adjusted figures revealed that Germany and Italy led the eurozone to a trade surplus from a deficit a year earlier in February. In addition, chemical and industrial exports increased.
In February, Eurostat reported that the seasonally unadjusted trade balance of the 20 eurozone countries was 4.6 billion euros, down from 9.4 billion a year earlier.
The February trade balance was 100 million euros in deficit, compared to 11.6 billion the month before.
Seasonally adjusted, Germany contributed 20.3 billion euros to the eurozone trade balance in February, up from 15.6 billion in January, while Italy added 3.6 billion, up from 3.4 billion.
The euro zone’s chemicals trade surplus jumped to 34.2 billion euros in January-February from 27.3 billion a year earlier, and its machinery and vehicle surplus rose to 20.3 billion from 17.5 billion.
The EU’s trade deficit with Russia dropped drastically to 6.9 billion euros in the first two months of this year from 26.8 billion euros a year earlier as the 27-nation bloc ceased buying much of Russia’s oil and gas before Moscow invaded Ukraine in February 2022.
The EU’s trade imbalance with China dropped to 53 billion from 60.4 billion in January-February 2022.
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