Euro zone's trade surplus widens on rising exports in February

The euro zone's trade surplus widened in February from a year earlier on rising exports with imports unchanged, the European Union's statistics office Eurostat said on Tuesday.

Exports from the 18 countries using the euro increased by 3 per cent on the year after a 1 per cent rise in January, while imports were flat when compared with a year earlier, data showed. The annual data are non-seasonally adjusted.

The foreign trade surplus of the €9.5 trillion economy rose to €13.6 billion in February, compared with a €9.8 billion surplus in the same period of 2013, and widened from a revised €0.8 billion surplus in January.

On a seasonally adjusted basis, exports continued to rebound after steadily declining through October, November and December, and showed a 1.2 per cent increase on the month in February while imports edged up 0.6 per cent month-on-month.

The euro zone's recovery is currently export-driven but the European Central Bank said earlier this month that domestic demand was also gradually increasing.

Exports from southern European countries continue to rise, although Greece’s seasonally adjusted exports fell 6.1 per cent, while Portugal’s exports rose 4.3 per cent in February.

Germany, Europe’s largest economy, saw exports rising by 2.6 per cent on the month on a seasonally adjusted basis in February and imports up by 0.8 per cent.

The euro zone’s second-largest economy, France, reported a 1.2 per cent monthly increase in exports, seasonally adjusted, with imports falling 7.3 per cent.

The euro zone economy climbed out of recession in the second quarter of the last year and the European Commission expects economic growth this year.

Reuters