Eurozone current account surplus

Eurozone current account surplus

FRANKFURT - Agence France-Presse
Eurozone current account surplus

President of the European Central Bank Mario Draghi. EPA photo

The eurozone’s current account surplus grew to 12.7 billion euros ($15.7 billion) in June from 10.3 billion euros the previous month, European Central Bank (ECB) data showed on Aug. 17. The current account on the balance of payments, which includes imports and exports in both goods and services plus all other current transfers, is a closely tracked indicator of the ability of a country or area to pay its way in the world.

It is crucial for the long-term confidence of investors and trading partners.

Over the 12 months to June, the current account showed a surplus of 49.9 billion euros, compared with a deficit of 18.8 billion euros in the corresponding period a year earlier, the data showed.

Exports rose to 2.4 pct in june from May

Separately, the EU statistical agency Eurostat said the eurozone’s surplus in the trade of goods surged to 14.9 billion euros according to preliminary figures, from 200 million the previous month.
Exports rose by 2.4 percent in June from May, according to seasonally corrected figures, while imports remained stable.

For the first half of the year the eurozone had a goods trade surplus of 26.6 billion euros, compared to a 23.0 billion euro deficit during the same period in 2011. A surge in exports outpaced an increase in imports.

For the full 27-member EU, the surplus in the trade in goods was 400 million euros, compared to a deficit of 3.8 billion in May.

In the first half of the year the eurozone had a goods trade deficit of 60 billion euros, down from 95.4 billion euros in the same period in 2011.