Eurozone trade surplus narrowed sharply in February, with the goods balance falling to EUR 11.5B from EUR23.1B a year earlier, as exports declined significantly. Total exports dropped by -6.7% yoy to EUR 232.4B. Imports fell more modestly by -2.2% yoy to EUR 220.9B, pointing to weakening external demand rather than a broad-based slowdown in trade activity.
The deterioration was even more pronounced at the EU level, where the surplus shrank to EUR 9.1B from EUR 22.9B a year earlier. Extra-EU exports declined by -9.3% yoy, outpacing the -3.5% yoy fall in imports.
Breaking down by partners, EU exports to the United States fell sharply by -26.4% yoy, contributing significantly to the overall decline in trade surplus. Exports to China dropped by -16.1% yoy even as imports from China rose by 3.4%, widening the deficit. In contrast, trade with the United Kingdom remained relatively stable.
