Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Euro zone September trade surplus above expectations

Source: Reuters - Mon 15th Nov 2010

The European Union's statistics office Eurostat said the 16 countries using the euro had a trade surplus with the rest of the world of 2.9 billion euros in September, up from 1.4 billion last year and a deficit of 5 billion euros in August.

Eurostat said unadjusted exports grew 22 percent year-on-year in September, while imports were up 21 percent.

Adjusted for seasonal swings, exports grew 0.6 percent month-on-month in September while imports fell 2.5 percent against August.

"Seasonally-adjusted exports rose...for a second month running in September, thereby suggesting that there was still decent foreign demand for euro zone products" said Howard Archer, economist at IHS Global Insight.

"Nevertheless, the overall growth rate in euro zone exports has clearly moderated in recent months" he said. "Meanwhile, euro zone imports September, thereby hinting at softening euro zone domestic demand."

BusinessEurope, an industry group representing some 20 million European companies, said in a report that exports were likely to generate almost one third of total 2010 growth which it sees at 1.6 percent.

"Exports have been the main engine of the recovery so far, driving industrial production and stimulating overall economic activity throughout the value chain" BusinessEurope said.

But it also said European businesses were concerned about the recent and sudden appreciation of the euro.

"It will impact on global competitiveness and euro area market shares, will create uncertainty to investment and trade decisions by companies, and will negatively contribute to already unstable financial markets" BusinessEurope said.

"Besides, disorderly and uncoordinated interventions to address currency misalignments may lead to protectionist pressures" the business group added.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs