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Economy in Brief

Euro Trade Surplus Surges
by Robert Brusca September 17, 2009

Exports rose sharply in the e-Zone in July posting a gain of 4.1% in the month as imports edged lower by 0.3%. The widening surplus will boost EMU GDP and surpluses have emerged and steadily widened over the last four months. The chart shows a considerable trend in place with exports rising and imports still extending their losses in percentage terms.

Among export components raw material are having the largest export boom over the previous three months (detailed trade data lag one month). But even over that period MFG exports are falling at an 8.6% pace. On the import side imports continue to post negative growth rates even over three-months. Raw material imports are falling sharply on that period. And manufacturing imports are falling at nearly three-times the pace of MFG exports.

Ezone 13-Trade trends for goods
  m/m% % Saar
  Jul-09 Jun-09 3M 6M 12M
Balance* €€ 6,777 €€ 2,288 €€ 3,514 €€ 1,181 €€ (1,230)
Exports          
All Exp 4.1% 0.9% 14.2% 8.6% -20.1%
Food and Drinks -- 0.6% 5.7% -15.0% -9.1%
Raw materials -- -0.2% 84.5% 8.4% -21.8%
MFG -- -1.6% -8.6% -27.9% -24.1%
IMPORTS          
All IMP -0.3% 0.2% -10.7% -14.5% -28.7%
Food and Drinks -- -0.9% -8.2% -13.8% -7.9%
Raw materials -- 0.3% -49.4% -58.0% -41.2%
MFG -- -2.0% -31.2% -28.9% -22.8%
*Eur mlns; mo or period average; Gray shaded areas lag one month
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