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In October, the eurozone shifted from a trade deficit to a surplus, according to the latest non-adjusted figures released on Friday. This change was largely due to a decrease in the value of energy imports compared to the previous year.
Eurostat, the European Union’s statistics office, reported that the unadjusted trade balance for the 20 eurozone countries showed a surplus of €11.1 billion ($12.2 billion), a significant change from the 28.7 billion euro deficit recorded a year earlier.
When adjusted for seasonal variations, the trade surplus for October stood at €10.9 billion, an increase from September’s €8.7 billion.
Across the European Union, the surplus in manufacturing goods trade climbed to €313.5 billion in the January-October 2023 period, about twice the amount seen in the same period last year. Machinery, including vehicles, played a major role in this increase.
The EU’s trade deficit with Russia saw a marked decrease, dropping to €11.0 billion from €134.4 billion in the corresponding period last year. This reduction was primarily due to the EU significantly cutting back on its oil and gas purchases and benefiting from lower energy prices.
Furthermore, the EU experienced a narrowing trade deficit with China and an expanding trade surplus with the United States during the January-October period. The trade surplus with Britain also saw growth.
