Seasonally adjusted results:

December: -E2.3 billion

MNI survey median: -E1.1 billion
MNI survey range: -E2.4 bln to +E0.2 bln

November: -E3.2 bln (revised from -E1.9 bln)
October: +E3.1 bln (revised from +E3.5 bln)
September: +E1.4 bln (revised from +E1.5 bln)
August: -E2.4 bln (revised from -E2.3 bln)
July: -E0.5 bln (revised from -E0.4 bln)

Non-seasonally adjusted results:

December: -E0.5 bln
November: -E1.5 bln (revised from -E0.4 bln)
October: +E4.7 bln (unrevised)
September: +E2.6 bln (unrevised)
August: -E5.1 bln (unrevised)
July: +E6.4 bln (revised from +E6.3 bln)
—

FRANKFURT (MNI) – The Eurozone’s trade deficit narrowed less than
generally in December, while November’s balance was revised sharply
downward, Eurostat reported on Tuesday.

Exports slipped 0.4% on the month after stagnating in November.
Imports fell by a sharper 1.1%. However, due to the strong rebound in
November, imports were still higher than exports, resulting in a
seasonally adjusted trade deficit of E2.3 billion.

Median forecasts had pointed to a trade deficit of E1.1 billion in
December.

In unadjusted terms, the trade deficit narrowed to E500 million
from E1.5 billion in November.

Manufacturers polled in the January purchasing managers index (PMI)
reported strong demand from abroad, lifting export growth to an
eight-month high. The rise in export orders was especially marked in the
peripheral countries, with Italy and Ireland seeing demand rising the
fastest clip since April 2000 and March 2010, respectively.

The latest European Commission survey also pointed to an
improvement in export order books, with respondents’ assessment rising
to the highest level since well before the onset of the financial
crisis.

In its Monthly Bulletin, the European Central Bank said that while
Eurozone exports would benefit from a stronger-than-expected recovery in
global trade, “the risks to global activity are slightly tilted to the
downside, with “uncertainty remaining elevated.”

“On the upside, trade may continue to grow faster than expected,”
the ECB said. “On the downside, concerns remain relating to the tensions
in some segments of the financial markets, renewed increases in oil and
other commodity prices, protectionist pressures and the possibility of a
disorderly correction of global imbalances.”

— Frankfurt Bureau: +49 69 720 142; email: frankfurt@marketnews.com —

[TOPICS: M$X$$$,M$XDS$]