Europe’s October trade surplus exploded higher in October, hitting $8.3 billion. Note this was even before the Euro really started to crash against the dollar.
Still, Europe’s trade surplus says more about the continent’s inability to consume imports, rather than a ability to trade right now. Exports fell less than imports, yet both fell.
Trading Economics: Unadjusted exports fell 17 per cent year-on-year in October while imports dropped 24 per cent, the European Union’s statistics office said. Adjusted for seasonal swings, the surplus was 6.3 billion euros, up from 4.3 billion in September as exports eased 0.2 per cent month-on-month while imports fell 2.2 per cent on the month.
December’s dollar rally means the Euro Area’s trade surplus could keep widening.
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