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EU almost eliminated its trade deficit

EU almost eliminated its trade deficit | 17 July 2023

17 July 2023, EUR/USD

EU almost eliminated its trade deficit

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The euro zone almost eliminated its trade deficit in May, non-adjusted data showed, as exports of chemicals and machinery picked up and the value of imported energy products, notably from Russia, declined. The European Union statistics office Eurostat said the seasonally unadjusted trade balance of the 20 countries sharing the euro was a 0.3-billion-euro deficit in May compared with a 30.3-billion-euro shortfall a year earlier. Adjusted for seasonal swings, the May trade deficit was a modest 0.9 billion euros from 8.0 billion euros in April. For the European Union as a whole, the trade surplus in manufacturing goods rose to 142.3 billion euros in Jan-May 2023, nearly double the level of a year earlier, with chemicals and machinery, including vehicles, the main contributors.

Investment idea: range 1.1170 -1.1270.

David Johnson
Analyst of «FreshForex» company
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