The 16-nation eurozone returned an improved global trade surplus in July, the EU said Thursday, although signs of drops in seasonally-adjusted trade data gave rise to some concern. A first estimate gave a 6.7-billion-euro surplus (8.7 billion dollars), up from June's 2.2 billion euros although weaker than the 11.9 billion euros in July 2009, the Eurostat data agency said.
However, seasonally-adjusted exports fell by 0.6 percent and imports dropped by 1.5 percent, it added. London-based IHS Global Insight analyst Howard Archer highlighted these drops, saying they "fuel concern that eurozone exports are coming under increasing pressure from slowing global growth while domestic demand is moderating."
Delving back into six-month results for the 27-nation European Union also released over the period to June, there was a growing deficit on energy (up to 140.2 billion euros from 110.6 billion euros) but a manufacturing surplus rose from 63 billion euros to 81.4 billion euros. Exports to Brazil, China and Turkey each grew by more than 40 percent, but the trade deficit with China rose to 71.5 billion euros from 65.2 billion euros, with deficit rises also recorded with Russia and Norway.
Deficits with Japan and South Korea, the object of a landmark first major free-trade agreement with as Asian power that was agreed by EU leaders in Brussels at a Thursday summit, remained "stable." The biggest national surplus was logged by Germany, at 74.3 billion euros, with Britain again posting the largest deficit, at 52.8 billion euros.
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