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- Eurozone's trade surplus shrank sharply compared to May 2019
Eurozone's trade surplus shrank sharply compared to May 2019
According to the report from Eurostat, in May 2020, the COVID-19 containment measures widely introduced by the Member States continued to have a significant impact on international trade in goods. The first estimates for international trade in goods show that the results for both the euro area and the EU are considerably lower than those recorded in May 2019.
The first estimate for euro area exports of goods to the rest of the world in May 2020 was €143.3 billion, a decrease of 29.5% compared with May 2019 (€203.4 bn). Imports from the rest of the world stood at €133.9 bn, a fall of 26.7% compared with May 2019 (€182.7 bn). As a result, the euro area recorded a €9.4 bn surplus in trade in goods with the rest of the world in May 2020, compared with +€20.7 bn in May 2019. Intra-euro area trade fell to €125.3 bn in May 2020, down by 27.9% compared with May 2019.
In January to May 2020, euro area exports of goods to the rest of the world fell to €845.8 bn (a decrease of 13.1% compared with January - May 2019), and imports fell to €779.7 bn (a decrease of 13.1% compared with January May 2019). As a result the euro area recorded a surplus of €66.1 bn, compared with +€76.5 bn in January-May 2019. Intra-euro area trade fell to €719.1 bn in January-May 2020, down by 14.7% compared with January-May 2019.
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