The euro area trade surplus increased sharply in May as the relaxation of coronavirus containment measures boosted both exports and imports, data from Eurostat revealed Thursday.
The trade surplus rose to a seasonally adjusted EUR 8 billion from EUR 1.6 billion in April.
Exports increased 7.9 percent month-on-month in May and imports grew 3.2 percent.
Nonetheless, the measures taken to curb the spread of the virus had a significant impact on trade in goods.
On a yearly basis, exports declined 29.5 percent and imports were down 26.7 percent in May.
Consequently, the trade surplus declined to EUR 9.4 billion from EUR 20.7 billion in the same period last year.
During January to May, euro area exports of goods to the rest of the world fell 13.1 percent from last year, and imports decreased 13.1 percent. As a result, the euro area recorded a surplus of EUR 66.1 billion compared with EUR 76.5 billion surplus last year.
The material has been provided by InstaForex Company – www.instaforex.com
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