Eurozone trade surplus widens in May

According to initial estimates from Eurostat, the European Commission’s statistics office, the 19-strong eurozone recorded a €23bn trade surplus with the rest of the world in May, compared to €16.9bn a year earlier. Imports were €180.3bn, up 4.2%, while exports rose 7.1% to €203.4bn.

On a seasonally-adjusted basis, exports rose 1.4% while imports decreased 1%, giving a balance of +€20.2bn.

The surplus in the year-to-May now stands at €82.7bn, after exports rose 5% to €973.5bn and imports increased 5.2% to €890.8bn.

Across the wider bloc, there was a trade surplus of €7.8bn in May compared to €0.4bn a year earlier. In the year-to-date, the 28 member states recorded a deficit of €14.2bn against the previous year’s deficit of €9.9bn, after exports rose 6.1% and imports 6.6%. Energy imports from Russia and Norway significant contributors.

Against individual countries, the trade surplus between the EU28 and the US was €62.1bn in the five months to May, against €55.4bn a year earlier, while the deficit with China widened to €76.7bn from €69.2bn.

Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said: "Trade surpluses in France, Italy and Germany improved, but the deficit in Spain widened.

"The initial Brexit deadline has thrown off these data in recent months; the eurozone trade surplus jumped in March, ahead of the first deadline, and plunged in April. Today’s headline is a rebound from this slump, though we doubt it will be enough to prevent a net export drag over the second quarter as a whole, primarily in Italy and Germany."