Brussels, 16 July 2024 (dpa-AFX/MIA) - The euro area trade surplus declined to a four-month low in May on weak exports, official data showed on Tuesday.

The trade balance posted a surplus of €13.9 billion ($15.1 billion) in May compared to a surplus of €14.2 billion in April, Eurostat reported. This was the lowest surplus since January.

Nonetheless, in the same period last year, the trade balance was in €0.4 billion deficit. Exports logged a decrease of 0.5% annually, in contrast to the sharp 13.5% increase in April. At the same time, imports declined 6.4%, reversing a 1.8% rise in the previous month.

The EU balance showed a €9.7 billion surplus in trade in goods in May, compared with a deficit of €2.6 billion in May 2023.

On a seasonally adjusted basis, the euro area trade surplus decreased to a five-month low level in May after the drop in exports exceeded the decrease in imports.

The trade surplus fell to an adjusted €12.3 billion from €18.5 billion in April. Exports fell 2.6% on month, while imports dropped only 0.1%.

Data showed that the euro area trade surplus totaled €84.9 billion in the January to May period compared to a shortfall of €21 billion in the previous year. Exports gained 0.5%, while imports slid 8.3%.

MIA file photo