Eurozone records 23 billion trade surplus in February

The positive balance of trade in the eurozone rose by 24.3% in February compared to the same month last year, reaching a total of 23 billion euros, according to data on international trade in goods published on Monday by Eurostat, the EU's statistics office.

Specifically, exports of goods from the euro area to the rest of the world rebounded by 1.6% in the second month of the year and reached 189.3 billion euros, while imports contracted by 1% to 166.3 billion euros. Trade activity among the euro partners fell by 0.6% to a value of 161.5 billion euros.

In relation to the commercial activity accumulated in the first two months of the year, the surplus was 24,800 million euros, 29.8% more. Exports until February stood at 373.2 billion euros, 0.9% more, while imports reached 383.2 billion euros, 0.7% less.

Trade activity between euro partners between January and February decreased by 0.9% to 326.4 billion euros.

The European Union (EU) trade balance recorded a positive balance of 22.4 billion euros, 36.6% more than in the same month in 2019.

Exports from the EU to the rest of the world in the second month of 2020 advanced by 1% and reached 170.7 billion euros, while imports contracted by 2.8% to 148.3 billion euros. Trade activity among the EU-27 expanded by 1% to 253.3 billion euros.

Between January and February EU exports and imports grew by 0.7% (337 billion euros) and decreased by 1.6% (316.8 billion euros) respectively. During this period, the EU-27 recorded a trade surplus of 20.2 billion euros, 55.4% more than last year, while the trade activity of the EU partners grew by 0.4% to 510.2 billion euros.

The United States remained the EU's top export destination until February with a value of 62.6 billion euros, ahead of the United Kingdom (50.1 billion) and China (29.6 billion). In turn, the 27 imported goods mainly from China (60.5 billion euros), the United States (38.8 billion) and the United Kingdom (32.1 billion euros).