In a significant development, the euro zone’s trade surplus with the world grew in February, with imports from China falling sharply.
The unadjusted goods trade surplus grew to $25.1 billion (23.0 billion euros) in February, compared with 18.5 billion euros a year earlier. Exports rose by 1.6%, while imports fell by 1.0%.
According to data from Eurostat’s site, exports from the EU to China were slightly lower than in February 2019, while imports were down by 8.1%.
Energy imports as a whole also declined by 9.6% in February, when comparing Jan-Feb data issued on Monday and January data from a month ago. That translated into 10.1% lower imports from Russia and 5.9% less from Norway.
Trade surplus with the United States, grew by 21% in February with a decline in imports.
The persistent trade surplus has been a source of tension in transatlantic ties.