Eurozone trade balance at €22.7bn in November

The trade surplus rose to €22.7bn in November compared with a revised €19.8bn the previous month, above consensus estimates for €21bn.

Seasonally-adjusted exports were up 1.6% while imports nudged down 0.1%.

Pantheon Macroeconomics said: “The details of the report don’t distinguish between the Eurozone and EU28, so we can’t separate out the UK, which we know is a key driver of the rising Eurozone trade surplus.

“The underlying story, however, is that exports to the US and the UK remain critical to the strong surplus in the Eurozone, but a growing trade deficit with China could take its toll in coming quarters.”