Euro zone almost eliminates trade deficit in May

BRUSSELS (Reuters) – The euro zone almost eliminated its trade deficit in May, non-adjusted data showed on Friday, 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.

The EU’s trade deficit with Russia fell sharply to 8.6 billion euros in the first five months of this year from 78.4 billion euros in Jan-May 2022 as the 27-nation bloc sharply reduced its purchases of Russian oil and gas and benefited from lower energy prices.

The EU’s trade gap with China also narrowed slightly in Jan-May, while its trade surplus with the United States dipped.

However, the EU trade surplus with Britain expanded as EU exports rose and imports from Britain fell.

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