Just in: the Eurozone suffered a drop in exports in May, narrowing its trade surplus with the rest of the world.
However, the euro area’s trade surplus with America has grown - which will not please Donald Trump.
Eurostat reports that the eurozone exported €189.6bn of goods to the rest of the world in May 2018, a drop of 0.8% compared with May 2017.
Imports from the rest of the world rose by 0.7% to €173.1bn, (from €171.9bn in May 2017).
This means the euro area’s goods surplus has shrank to €16.5bn in May, down from €19.3bn a year earlier.
The figures also show that the European Union exported 2.1% more goods to America in the first five months of 2018, but imported 3.1% less.
As a result, the EU’s trade surplus with the US has swelled to £54.8bn, up from £48.1bn a year ago [more details here].
Trump has other things on his mind today, of course, but this data might reinforce his belief that the EU treats America very badly on trade.
Source : https://www.theguardian.com/business/live/2018/jul/16/chinese-economy-slows-trade-war-imf-world-economy-business-live