The Eurozone has posted a lower-than-expected increase in its December trade surplus as imports fell at a steeper rate than exports.
The Euro remains weaker against the Dollar and Sterling as the data did little to restore confidence to the market after yesterday’s series of disappointing GDP data. According to the European Union’s statistics office, Eurostat, the trade surplus for h 7-nations in the Eurozone was €11.7 billion in December 2012. The figure was higher than the €8 billion from the previous year but well below the forecasted figure of €13.1 billion being predicted by economists.
The surplus paints an improving picture for European trade. In 2012 the Eurozone recorded an €81.8 billion surplus, with exports rising by 7% and imports rising by 2% compared to 2011. Data showed that for the period from January to November 2012, rising exports of manufactured goods more than offset increasing imports of energy.
Adjusted for seasonal swings, Eurozone exports were down 1.8 percent in December month-on-month, and imports dropped 3.0 percent.
The nation that showed the biggest improvement was Italy. The struggling nation saw its trade surplus rise to €9 billion in the first eleven months of 2012. It increased from the €27 billion deficit it posted in 2011.
Germany, Europe’s biggest economy managed to post a trade surplus of almost €175 billion in 2012 up from €145 from the previous year.
The data is expected to offer little support to the Euro’s movements as investors wait and see what happens at the G-20 summit.
Current EUR exchange rates
As of 10:10 am
The Euro to Pound Sterling exchange rate is currently trading in the region of 0.8605
The Euro to US Dollar exchange rate is currently trading in the region of 1.3327
The Euro to Australian Dollar exchange rate is currently trading in the region of 1.2875
The Euro to New Zealand Dollar exchange rate is currently trading in the region of 1.5683
The Euro to Canadian Dollar exchange rate is currently trading in the region of 1.3361
The Euro to Emirati Dirham exchange rate is currently trading in the region of 4.8943
The Euro to Swiss Franc is currently trading in the region of 1.2293
The Euro to Japanese Yen exchange rate is currently trading in the region of 123.3873
Comments are closed.