The euro zone swung back into a large trade surplus in June from a similar size deficit 12 months earlier, as imports from both Russia and China fell sharply, data showed on Thursday.
The EU’s statistics office, Eurostat, said the unadjusted external trade surplus of the 20 countries sharing the euro was €23.0 billion ($25.01 billion) in June, compared to a €27.1 billion deficit in June 2022.
Exports over the 12 months edged 0.3% higher, while imports plunged 17.7%.
Adjusted for seasonal swings, the trade surplus was €12.5 billion in June, up from €0.2 billion in May and compared with a €7.9 billion deficit in April.
The improvement in the EU’s trade balance was mainly a result of sharp falls in the trade deficits with Russia, due to Western sanctions over the war in Ukraine, and China.
The trade gap with Russia was down to €8.7 billion in the first six months of this year from €92.1 billion euros in the same period of 2022.
With China, the EU’s trade deficit fell to €148.7 billion in the first half of the year from €189.3 billion in the same period a year earlier.
