Germany Pushes Up Eurozone Trade Surplus in May

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The eurozone’s trade in goods surplus inched up in May as import and export values both grew on the back of another bumper performance in Germany, the Financial Times reported. Official trade figures from Eurostat show the bloc’s seasonally adjusted surplus in goods rose 2.1 per cent from €18.6bn to €19.7bn in May. The reading was just below an average forecast of €20bn. The eurozone’s trade balance has been in surplus since 2012 – the aftermath of the continent’s debt crisis – as governments have driven themselves to become more competitive. Of the 19 countries in the single currency area, Germany – the bloc’s biggest economy – easily boasts the largest surplus at 14.7 per cent of its GDP. That’s a jump from 13.7 per cent in April. Germany is the only country whose surplus is in double digits when measured as a proportion of its total economy. France is second placed among the major economies, with a 3 per cent surplus, while Italy’s is at 2.5 per cent, according to Eurostat. Read more. (Subscription required.)