Recent Updates
- China: Social Financing Stock & Flow Final (May); Korea: Import & Export Price Indexes, Home Sales (May); Philippines: Auto Sales (May); Thailand: Tourist Arrivals (May)
- Australia: Residential Property Price Indexes (Q1)
- Spain: *SPAIN SPPI REBASED FROM 2010=100 TO 2015=100
- Spain: Services Price Indexes (Q1)
- Germany: State CPI: Saxony-Anhalt (May-Press)
- UK: LSL ACAD House Price Indexes, Visa Expenditure Index (May)
- more updates...
Economy in Brief
Japan's Loses Its Trade Surplus
In May, Japan has logged its second trade deficit in 13 months and only its third in the last 28 months...
U.S. Industrial Production Slips Unexpectedly
The Federal Reserve reported that industrial production eased 0.1% (+3.5% y/y) during May...
Empire State Manufacturing Index Continues to Strengthen
The Empire State Manufacturing Index of General Business Conditions rose to 25.0 during June, the highest level in eight months...
EMU Trade Deficit Shrinks
The EMU trade balance shrank in April, stepping back to a surplus of 18.1 bln euros from 19.8 bln euros in March....
U.S. Retail Sales Strengthen
Consumers were in a shopping mood last month...
by Robert Brusca August 22, 2008
Import growth in the Euro Area is still firm while export growth is fading. Import growth is of course is supported by strength in oil imports, much of that on the price side. For manufactured goods both exports and imports are weak over 12 months with imports falling by 1.8% and exports up by a scant 0.8%.
The accompanying chart tells the story of the trends with trade deficits posted in five of the past seven months. Europe is slowing down. Europe’s exports are slowing down. It’s a strong euro, weak domestic growth and a weakening global economy at work that is producing these results.
| Euro Area 15-Trade Trends for Goods | ||||||
|---|---|---|---|---|---|---|
| m/m% | % Saar | |||||
| Jun-08 | May-08 | 3M | 6M | 12M | 12M Ago | |
| Balance* | €€ (2,954) | €€ (1,035) | €€ (861) | €€ (440) | €€ 1,543 | €€ (1,610) |
| Exports | ||||||
| All exports | 1.4% | -4.7% | 8.5% | 11.3% | 4.2% | 10.1% |
| Food and drinks | -0.4% | -0.7% | 8.5% | 13.5% | 9.5% | 11.4% |
| Raw materials | 2.4% | -1.1% | 23.4% | 31.3% | 10.4% | 11.1% |
| Other | 1.5% | -5.1% | 8.2% | 10.7% | 3.7% | 9.9% |
| MFG | 1.1% | -3.8% | 6.9% | 11.2% | 0.8% | 13.3% |
| Imports | ||||||
| All imports | 2.9% | -3.0% | 14.8% | 14.1% | 10.6% | 3.8% |
| Food and drinks | 0.6% | 0.2% | 7.9% | -2.1% | 8.3% | 7.4% |
| Raw materials | -1.1% | 1.2% | 1.2% | 6.7% | 2.3% | 15.5% |
| Other | 3.2% | -3.3% | 16.0% | 15.6% | 11.2% | 3.0% |
| MFG | 0.3% | -1.3% | -0.3% | 3.8% | -1.7% | 9.9% |
| *Millions of Euros; mo or period average | ||||||
