Zone euro Balance Commerciale

The Euro Area trade surplus narrowed to €12.4 billion in July 2025, down from €18.5 billion a year earlier, but slightly above market expectations of €11.7 billion. The highly sensitive surplus with the US shrank to €11.2 billion from €16.0 billion as the surge in imports (+11.3%) combined with declining exports (-4.5%) highlighted the ongoing impact of trade tariff uncertainty. Total imports climbed 3.1% to €239.1 billion, driven by stronger purchases of food & drink (+9.3%), chemicals (+10.6%), and machinery & vehicles (+2.0%). By destination, imports rose from China (+3.6%), UK (+1.0%), Switzerland (+7.3%), and Turkey (+9.0%). Meanwhile, exports increased 0.4% to €251.5 billion, supported by rising shipments of food & drink (+2.8%) and machinery & vehicles (+3.5%), but weighed down by declines in raw materials (-4.7%), fuels & lubricants (-18.5%), and chemicals (-6.0%). Higher shipments to the UK (+2.9%), Switzerland (+8.8%) and Turkey (+6.3%) offset a decline to China (-8.9%).