Eurozone trade surplus narrows 26 per cent in May
(BRUSSELS) - The eurozone trade surplus shrank by 26 percent in May from April, according to official EU data released Wednesday.
The European Union's Eurostat data agency said the trade suprlus of the 13 nations using the single currency fell to 1.7 billion euros (2.3 billion) dollars from 2.3 billion euros in April, a figure revised up from a first estimate of 1.8 billion.
The May surplus nonetheless marked an improvement from the same month in 2006 when the eurozone chalked up a trade deficit of 3.9 billion euros, according to Eurostat.
Despite the euro's strength, strong foreign demand for eurozone goods helped exports grow faster than imports in May.
Eurozone exports grew seven percent in May over one year to 124.2 billion euros while imports increased only three percent to 122.5 billion euros.
With growth in the eurozone expected to outpace both the United States and Japan this year, the euro has risen steadily against other major currencies in recent months and on Friday hit record high of 1.3814 dollars.
Meanwhile, the 27-nation EU registered a trade deficit of 15.0 billion euros in May compared with 13.9 billion euros in April and 17.9 billion euros in May 2006.
