Eurozone trade surplus widens in April

The Eurozone trade surplus widened in April, according to the latest figures from Eurostat.

Exports were up 4.9% from March and imports increased 2.6%, meaning the trade surplus widened to a seasonally-adjusted €28bn from €23.7bn in March, which was above economists’ expectations of €21.5bn.

On the year, exports were down 1% and imports were up 5%, giving a surplus of €27.5bn in April, wider than the €20.9bn recorded in the same month last year.

Pantheon Macroeconomics said it was “a very strong headline, and much better than we expected”.

“Overall, we think net exports will boost Eurozone GDP growth in the second quarter as surging import prices—due to the recovery in oil prices—depresses real imports via the deflator.”