Eurozone trade surplus drops in December

The Eurozone trade surplus fell to €21bn in December from a downwardly-revised €22.6bn in November, according to data released by Eurostat.

This was below consensus expectations for €22.4bn.

On an adjusted basis, the trade surplus came in at €24.3bn compared with €23.6bn the previous month.

“The dip in the December trade surplus was due to a 0.7% month-to-month increase in imports, while exports fell a trivial 0.2%,” said Pantheon Macroeconomics.

“The initial details in the trade report do not allow us to separate out trade with the UK, but the key story remains that Eurozone exports to the US and the UK continue to support the aggregate surplus.

“Overall, the current account surplus probably will remain close to 3% of GDP this year as a higher primary income surplus offsets a weaker trade surplus.”