Eurozone trade surplus lifts in June

By Dow Jones newswires

Eurozone exports to Russia, which were slowing even before the European Union and US agreed tougher sanctions on Moscow last month, were lower in the year to May than they were a year earlier, data showed.

The eurozone's surplus in goods trade with the rest of the world swelled to €16. 8 billion ($22. 5 billion) in June, compared with a surplus of €15. 4 billion in May and a surplus of €15. 7 billion in June 2013, Eurostat, the EU's statistics agency, said in a report Monday.

The eurozone's trade surplus with the rest of the world rose in June, according to official figures Monday, as an increase in exports outpaced a pick-up in imports.

The data offer rare good news for the eurozone's struggling economy, after figures showed economic growth in the 18-nation currency union stalled in the second quarter.

The decline largely reflects a slowdown in the Russian economy this year but trade with the EU's eastern neighbour is expected to slow further in 2014 as sanctions against Moscow bite.

Exports to Russia were 14 per cent lower in the year to May than they were in the same period a year earlier, data showed, while imports from Russia were down 7 per cent.

The trade data also highlight the region's deteriorating relationship with Russia over Moscow's alleged interference in Ukraine, where the government in Kiev is battling pro-Russian forces in the country's eastern regions.

Read more here: Business Spectator


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