Euro area trade surplus wiped out in April

The single currency bloc's trade surplus with the rest of the world vanished in April as export sales fell at nearly twice the pace of purchases from overseas.

According to Eurostat, in seasonally adjusted terms, the Eurozone's foreign trade surplus shrank from €25.5bn in March to just €1.2bn for April.

"In April 2020, the COVID-19 containment measures widely introduced by the Member States continued to have a significant impact on international trade in goods," Eurostat said in a statement.

Exports fell at a month-on-month pace of 24.5% in April to reach €137.3bn, alongside a 13% drop in imports to €136.1bn.