In October, the euro area recorded a decrease in its trade surplus, primarily influenced by an upturn in imports, as reported by Eurostat on Tuesday. The surplus dropped to EUR 6.8 billion, down from EUR 9.4 billion the previous year, and also fell short of the EUR 11.6 billion noted in September.
This decline can be attributed to a decreased surplus in goods such as chemicals and related products, alongside machinery and vehicles, coupled with a heightened deficit in energy. Exports rose by 2.1 percent annually, following a modest 0.1 percent increase in the prior month. Conversely, imports surged by 3.2 percent, a stark turnaround from the 0.7 percent decline observed in September. When seasonally adjusted, exports experienced a 1.6 percent downturn, whereas imports climbed by 1.3 percent. Consequently, the trade surplus sharply decreased to EUR 6.1 billion from September's EUR 12.6 billion.
From January to October, the trade surplus reached EUR 143.3 billion, substantially up from EUR 22.7 billion in the equivalent period the previous year. During this period, exports saw a modest annual uptick of 0.5 percent, while imports decreased by 4.6 percent.
Additionally, the EU's trade in goods with non-EU countries resulted in a EUR 3.9 billion surplus in October, compared with an EUR 8.4 billion surplus a year earlier.
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