Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Euro zone Oct trade surplus shrinks year/year

Published 12/18/2008, 05:00 AM
Updated 12/18/2008, 05:05 AM

BRUSSELS, Dec 18 (Reuters) - The euro zone's unadjusted trade surplus fell year-on-year in October as imports in the first 10 months of 2008 grew much faster than exports, due mainly to more expensive energy, data showed on Thursday.

The unadjusted surplus came to 900 million euros ($1.29 billion), down from 4.2 billion in October 2007 as imports for the month rose 3 percent year-on-year and exports only 1 percent, European Union statistics office Eurostat said.

Economists polled by Reuters, however, had expected a deficit of 4.5 billion euros.

In the first 10 months of 2008, imports grew by 10 percent against the same period of 2007 while exports rose 6 percent.

Detailed data for October was not yet available, but the trend was clear from the January-September numbers, which showed the energy trade deficit rising to 235.5 billion euros from 164.6 billion a year earlier.

Seasonally adjusted, the euro zone had a trade deficit in October of 1.3 billion euros, down from 4.4 billion in September as exports fell only 2.5 percent against the previous month while imports declined 4.6 percent.

The balance with the euro zone's top four trading partners -- Britain, the United States, China and Russia -- deteriorated in each case in January to September, the data showed.

With the economies of the two biggest -- Britain and the United States -- slowing sharply or in recession, euro zone exports are likely to face more pressure despite a recent fall in the euro exchange rate, economists said. (Reporting by Jan Strupczewski, editing by Dale Hudson)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.