Seasonally adjusted results:
October: +E3.6 billion
MNI survey median: +E2.5 billion
MNI survey range: +E1.6 bln to +E3.3 bln
September: +E2.0 bln (revised from +E2.4 bln)
August: -E1.7 bln (unrevised)
July: -E0.1 bln (unrevised)
June: -E1.5 bln (revised from -E1.4 bln)
May: -E2.9 bln (revised from -E2.8 bln)
Non-seasonally adjusted results:
October: +E5.2 billion
September: +E2.6 bln (revised from +E2.9 bln)
August: -E5.0 bln (unrevised)
July: +E6.4 bln (revised from +E6.6 bln)
June: +E1.7 bln (revised from +E2.0 bln)
May: -E3.8 bln (revised from -E3.7 bln)
—
FRANKFURT (MNI) – The Eurozone’s trade surplus continued its ascent
in October, beating all expectations as the decline in imports outpaced
that of exports, Eurostat reported on Friday.
On the month, the trade surplus came to a seasonally adjusted E3.6
billion, its highest level since July 2009. Exports fell back 0.1% after
two months of growth, while imports fell 1.3% after a 2.4% downturn in
September.
Without taking into account seasonalities, the trade surplus
doubled to E5.2 billion and was up 8.3% from October 2009’s level.
Manufacturers surveyed by the European Commission in October
revised up their export volume projections, while firms polled for
December’s purchasing managers index (PMI) reported manufacturing
exports rising at their fastest pace in five months.
However, recent Commission forecasts point to a decline in net
exports’ contribution to overall activity for both next year and 2012,
due to slowing global demand and expected tighter monetary policy in key
export markets.
The European Central Bank also expects global growth to be
“somewhat less buoyant” than earlier this year. But since Eurozone
growth should also be weaker, imports would slow more sharply than
exports.
“As a consequence, net trade is likely to provide positive
contributions to euro area GDP growth in the coming quarters,” the ECB
said in its monthly bulletin.
— Frankfurt Bureau: +49 69 720 142; email: twailoo@marketnews.com —
[TOPICS: M$X$$$,M$XDS$]