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2025-12-16 18:09:26
[Export Resilience: Why Did the Eurozone Trade Surplus Surge?] ⑴ Eurostat data released Tuesday showed that the Eurozone's unadjusted trade surplus in October was €18.4 billion, significantly higher than the €7.1 billion in the same period last year. ⑵ The increased surplus was mainly due to a significant decrease in imports. Imports from outside the Eurozone totaled €239.6 billion in October, a sharp decrease of 3.6% year-on-year. ⑶ Meanwhile, exports to outside the Eurozone totaled €258 billion in October, an increase of 1.0% year-on-year, demonstrating some export resilience. ⑷ Looking at cumulative data, from January to October this year, the Eurozone's trade surplus with outside the Eurozone was €144.6 billion, slightly higher than the €141.4 billion in the same period last year. ⑸ In the first 10 months of this year, total exports to outside the Eurozone increased by 2.9% year-on-year, while total imports increased by 3.0% year-on-year, with import and export growth basically synchronized. ⑹ After seasonal adjustment, the trade surplus with outside the Eurozone in October was €14 billion, narrowing from €18 billion in September. (7) Adjusted data shows that exports to other regions decreased by 4.6% month-on-month in October, while imports decreased by 3.3% month-on-month, indicating that both domestic and external demand contracted month-on-month. (8) The adjusted three-month moving average (August to October) shows that exports increased slightly by 0.1% month-on-month, while imports decreased by 2.2% month-on-month, indicating that import demand was weaker than export demand.
