Tuesday, March 19, 2024
 
Columnist
Martin Hennecke

Euro zone surplus follows set pattern
 
20/02/2018
 
The euro zone's adjusted current account surplus narrowed slightly in December, moving broadly in line with its recent trend, European Central Bank data showed yesterday.

The currency bloc recorded an adjusted surplus of 29.9 billion euros (HK$290.2 billion) in December, compared with 35 billion euros a month earlier.

Over the past 12 months, the bloc's surplus was 3.5 percent of gross domestic production, up from 3.4 percent a year earlier. The figure has hovered around this level for most of the past two years.

In November, the trade surplus in the 19 countries sharing the euro expanded to its highest point since March as a rise in exports of goods outpaced increasing imports, despite a stronger euro.

The European statistics office Eurostat said the euro zone's surplus in goods trade rose in unadjusted terms to 26.3 billion euros in November after 18.9 billion in October. That compared with the 23.8-billion-euro surplus 12 months earlier.

The November trade expansion, which coincided with a new rise of the euro against the dollar, took the bloc's surplus to its highest monthly level since March when it was 28.7 billion euros.

Adjusting to seasonal patterns, the bloc's trade surplus expanded to 22.5 billion euros in November from 19 billions a month earlier.

The boost was caused by an increased demand for euro zone goods from the rest of the world, which more than offset the higher volume of imports into the bloc.

In unadjusted terms, euro zone exports grew to a volume of 197.5 billion euros in November from 187.8 billion a month earlier. In the same period, imports increased to 171.2 billion from 168.9 billion euros.

November exports rose 7.7 percent on the year, while imports were up by 7.3 percent.

REUTERS

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