Eurozone trade data were stable in July, with exports edging up 0.4% yoy to EUR 251.5B while imports rose 3.1% yoy to EUR 239.1B. That produced a EUR 12.4B surplus. Intra-Eurozone trade grew 1.9% yoy to EUR 226.1B. The numbers reflect the bloc’s continued reliance on internal demand to cushion against weaker global flows.
The EU as a whole painted a softer picture, with exports down -0.5% yoy to EUR 227.7B against imports up 1.2% yoy to EUR 215.6B. The resulting EUR 12.1B surplus was still positive but underscored the relative drag from external markets. Intra-EU trade proved firmer, rising 2.9% yoy to EUR 349.2B.
Bilateral trends showed notable divergences. EU exports to the US fell -4.4% yoy and to China -6.6% yoy, underscoring pressure from global trade frictions. By contrast, exports to the UK rose 2.9% yoy and to Switzerland surged 9.4% yoy. On the import side, flows to the EU from the US jumped 10.7% yoy, from China rose 3.9% yoy, from Switzerland 6.8% yoy, and from the UK a modest 0.6% yoy.
