Eurozone trade turned into a surplus of 23 billion euros in June

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The European statistical office, Eurostat, said that the trade balance of the eurozone turned to record a surplus of 23 billion euros in June, amid a decline in imports and the abandonment of trade with Russia.

Eurostat said in a statement on Thursday that the trade balance surplus of the region (20 countries) in June comes after it recorded a deficit of 300 million euros last May.

The region’s imports fell 17.77% year-on-year in June to 229.3 billion euros; Exports rose 0.3 percent year-on-year to 252.3 billion euros in June.

In the first half of 2023, the trade balance of the region’s economies shifted to achieve a surplus of 5.3 billion euros, compared to a deficit of 151.8 billion euros in the first half of 2022.

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The United States came as the largest trading partner of the eurozone in the first half, followed by China, the United Kingdom, Switzerland, Turkey and Norway, respectively.

Russia ranked tenth in terms of trading partners for the eurozone, with exports to it amounting to 20.5 billion euros, down by 31 percent.

Eurozone imports from Russia fell 76 percent in the first half to 29.3 billion euros ($91.9 billion).

The economies of the eurozone were affected by the negative repercussions of the Russian-Ukrainian war with the imposition of economic sanctions and economic restrictions against Moscow.