Euro Area Balance of Trade

The Eurozone trade surplus narrowed to EUR 20.7 billion in July 2021, from EUR 26.8 billion in the same period last year, as global demand continued to consolidate its recovery from the COVID-19 pandemic hit. Exports rose 11.4 percent, boosted by sales of raw materials (29.8 percent) such as crude materials and fuels and lubricants; and manufactured goods (9.3 percent) on the back of chemicals and related products. Among major trade partners, exports were up to Russia (19.1 percent), the US (9.7 percent), the UK (6.9 percent) and Switzerland (9.9 percent), but fell to China (-0.9 percent). Imports grew at a faster 17.1 percent, led by a jump in purchases of crude materials (45.7 percent) and fuels and lubricants (79.3 percent). Imports of manufactured goods also rose 7.8 percent. Imports were up from Russia (75.0 percent), the US (14.5 percent), Switzerland (4.2 percent) and China (1.2 percent), but declined from the UK (-8.7 percent).