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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Robert Brusca November 16, 2007
Exports slow as imports rise.
It is too soon to chalk up the dwindling trade surplus of
Europe to the high Euro, but this month’s report is another hint. The
surplus is sketching out a shrinking pattern beyond the simple drop of
this month's balance. And exports and imports are starting to assume
the position of trade flows in transition. Exports have shed their bump
up in the growth rate that may just have been a J-curve effect of the
euro’s rise. Imports are rising more rapidly and that could shift if
the strong euro weakens European growth. Still, the strong euro makes
imports cheaper and that would account for some import rise in the
aftermath of shoot up in the currency’s value even as import prices
fell in domestic currency terms (euro terms).
Euro area 13-Trade Trends for Goods | |||||
---|---|---|---|---|---|
m/m% | % SAAR | ||||
Sep-07 | Aug-07 | 3-Mo | 6-Mo | 12-Mo | |
Balance* | €€ 3,905 | €€ 4,511 | €€ 2,957 | €€ 3,195 | €€ 3,080 |
Exports | |||||
All Exports | -0.4% | 3.5% | 7.3% | 8.3% | 6.3% |
Food and Drinks | -2.0% | 2.4% | 11.7% | 8.5% | 9.5% |
Raw Materials | 3.0% | -1.6% | -0.2% | 9.5% | 4.5% |
Manufacturing | -2.3% | 3.0% | 0.8% | 4.0% | 4.0% |
Imports | |||||
All Imports | 0.1% | 0.2% | 12.2% | 11.7% | 5.4% |
Food and Drinks | 5.1% | 0.7% | 31.3% | 22.4% | 14.2% |
Raw Materials | -6.8% | 0.8% | -14.8% | -2.9% | 0.4% |
Manufacturing | -2.7% | 1.1% | 0.8% | 2.7% | 4.0% |
*Million Euros; mo or period average |