By Joshua Kirby
The eurozone swung to a considerable trade surplus in June as energy imports normalized from last year’s turbulence.
The bloc’s goods-trade balance, measuring the difference between exports and imports, showed a surplus of 23 billion euros ($25.02 billion ) in June, according to data from European statistics body Eurostat on Thursday.
This marks a big swing from the deficit of EUR27.1 billion the eurozone booked in June 2022, and an improvement from the slight surplus recorded in May, according to revised figures.
The major difference was in imports, which fell 18% on year to EUR229.3 billion, while exports were only slightly higher at EUR252.3 billion.
The drop in imports marks a return to normalization in the cost of energy imports, which leapt following Russia’s invasion of Ukraine last year. In the first six months of 2023, energy imports were 25% lower than in the same period last year, the data showed.
Of the bloc’s 20 member states, 19 booked lower imports on year in June, with Austria the sole exception, Eurostat said.
Write to Joshua Kirby at [email protected]; @joshualeokirby
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