Euro zone plunges into trade deficit in May
The euro zone plunged into a trade deficit in May, suggesting a strong euro was taking its toll on exports, the European Union (EU)'s statistics bureau Eurostat estimated on Friday.
Analysts said the deficit, the third time in the first five months of this year, may signal the euro's strength was weighing on exports and boosting imports.
Figures showed in May eurozone exports grew by four percent over one year to €128.4 billion, while imports rose nine percent to €133.0 billion.
For the 27-nation EU, external trade balance showed a deficit of €21.5 billion in May, up from a deficit of €15.4 billion in April and a deficit of €14.7 billion in May 2007. (Xinhua)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.