Eurozone trade surplus unexpectedly shrinks

The Eurozone's trade surplus unexpectedly shrank in May, falling to its lowest level in four months, according to figures released on Tuesday by Eurostat.

The single-currency region saw a trade balance of €13.9bn in May, following a downwardly revised €14.2bn surplus in April (initial estimate: €15bn).

This was the lowest level since January and well below the €17.1bn surplus expected by economists. Nevertheless, it compared with a trade deficit of €0.4bn in May 2023.

The Eurozone exported €241.5bn of goods to the rest of the world in May, down 0.5% on the year before, while imports fell 6.4% year-on-year to €227.6bn.

Meanwhile, the wider European Union reported a trade surplus of €9.7bn for the month, compared with a deficit of €2.6bn a year earlier.