Euro Area Trade Balance
Published:
Eurostat's monthly first estimate of the euro area's goods trade surplus or deficit with the rest of the world.
Full explanation
The Euro Area Trade Balance is Eurostat's first estimate of the extra-euro-area trade in goods balance: the value of goods the euro area exports to countries outside the euro area minus the value of goods it imports from them, in euros. Trade between euro-area member states is excluded, and services are not included. The headline figure that calendars report is not seasonally adjusted. Eurostat publishes a separate seasonally adjusted balance in the same release, which can differ noticeably and should not be compared directly with the headline. A positive figure is a surplus; a negative figure is a deficit.
Why traders watch it
It gives a monthly view of external demand for euro-area goods and of the bloc's import bill, including energy. Large swings can feed into views on euro-area growth and on demand for the euro.
Stronger vs weaker outcomes
A larger surplus (or smaller deficit) than expected can reflect stronger exports, weaker imports or price effects such as cheaper energy. A smaller surplus (or larger deficit) can reflect the opposite. Looking at exports and imports separately shows which side moved.
A higher balance than expected may point to stronger exports, weaker imports or lower import prices.
A lower balance than expected may point to weaker exports, stronger imports or higher import prices such as energy.
Higher readings mean a larger surplus or smaller deficit; lower readings mean a smaller surplus or larger deficit.
Release details
- Release frequency
- Monthly
- Published by
- EA
Typical volatility
Low. Figures are first estimates and are often revised the following month. Headline figures on the release are usually not seasonally adjusted, and energy prices can move the balance without any change in volumes. This is the euro-area aggregate, not any single member state's trade figure.
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