Eurozone trade data for November pointed to weakening external demand, even as the bloc maintained a modest surplus. Goods exports fell -3.4% yoy to EUR 240.2B, while imports declined -1.3% to EUR 230.3B, leaving a trade surplus of EUR 9.9B. The resilience came from within the bloc. Intra-Eurozone trade rose 0.8% yoy to EUR 220.9B, partially offsetting softness in extra-Eurozone flows.
At the broader EU level, goods exports dropped -4.4% yoy to EUR 213.8B and imports fell -2.9% to EUR 205.7B, resulting in a EUR 8.1B trade surplus.
By trading partner, exports to the US fell sharply by -20.3% year-on-year, while shipments to the UK declined -6.0%. Trade with China was broadly stable, with exports down just -1.2% despite stronger imports, keeping the bilateral deficit large. Switzerland stood out as a relative bright spot, with EU exports rising 6.7%.
