The euro zone almost eliminated its trade deficit in May, non-adjusted data showed today, 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 deficit in May.
This compared with a €30.3 billion shortfall a year earlier.
Adjusted for seasonal swings, the May trade deficit was a modest €0.9 billion compared to a €8 billion in April.
For the European Union as a whole, the trade surplus in manufacturing goods rose to €142.3 billion in the months from January to May, 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 in the first five months of this year from €78.4 billion the same time last year 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 the five month period, while its trade surplus with the US dipped.
However, the EU trade surplus with Britain expanded as EU exports rose and imports from Britain fell.
