Eurozone trade gap narrows on rising exports

Brussels, Jul. 15, (dpa-AFX/GNA) – The eurozone trade deficit declined sharply in May reflecting a notable growth in exports amid a fall in imports, Eurostat reported Friday.

The trade deficit fell to a seasonally adjusted €0.9 billion ($1 billion) in May from €8 billion in April.

Exports posted a monthly increase of 2.9%, while imports decreased 0.1% in May.

On a yearly basis, exports of goods slid 2.3%. At the same time, imports registered a more marked decline of 12.8%. Consequently, the trade deficit dropped to €0.3 billion from €30.3 billion a year ago.

During January to May period, extra-EU exports advanced 4.5% from the last year, while imports slid 7.8%. As a result, the trade balance resulted in a shortfall of €28.5 billion compared to a deficit of €166.4 billion in the same period last year.

GNA