Seasonally adjusted results:

June: +E10.5 billion

May: +E6.8 bln (revised from +E6.3 bln)
April: +E4.8 bln (revised from +E4.5 bln)
March: +E4.5 bln (revised from +E4.4 bln)
February: +E2.0 bln (unrevised)
January: +E4.9 bln (revised from +E4.7 bln)

Non-seasonally adjusted results:

June: +E14.9 billion
May: +E7.1 bln (revised from +E6.9 bln)
April: +E3.9 bln (revised from +E3.7 bln)
March: +E7.2 bln (unrevised)
February: +E1.7 bln (revised from +E1.9 bln)
January: -E8.6 bln (revised from -E8.7 bln)

—

FRANKFURT (MNI) – The Eurozone trade surplus hit a series high in
June, as export growth reached its fastest pace for the year, while
imports stagnated, Eurostat reported on Friday.

After a mild recovery, exports jumped 2.4% on the month to a
seasonally-adjusted E157.9 billion. Imports, on the other hand, were
unchanged at E147.5 billion following three consecutive months of
declines. As a result, and taking into account upward revisions over
the previous three months, the trade surplus rose to a record E10.5
billion.

On the quarter, exports gained 0.6% in 2Q in nominal terms, while
imports slipped 1.7%.

Without adjusting for seasonal variations, the surplus more than
doubled to E14.9 billion, also a record high. Exports were up 12% on the
year. Imports managed a more modest 2%. In the first half of 2012, the
trade balance showed a surplus of E26.2 billion compared to a deficit of
E23.0 billion in 1H 2011.

Data for the first five months of the year showed the energy trade
deficit rising 12.5% y/y to an unadjusted E150.5 billion. The
shortfall in raw materials trade decreased by 17.7% over the same period
to E15.8 billion. The trade surplus in manufactured goods jumped to
E161.7 billion, +38.7% over one year ago.

The United Kingdom, which received E94.3 billion in goods and
services shipped between January and May (+7% y/y), was the top Eurozone
export destination. The U.S., receiving E91.2 billion in exports
(+11%), came in second, followed by China, which received E50.2 billion
(+8%).

Subdued economic activity among a number of Eurozone trading
partners does not augur well for future short-term export growth,
despite the recent depreciation of the euro.

The latest PMI survey showed new export orders continuing to trend
lower in July, falling at their fastest pace in eight months, with only
Ireland and the Netherlands showing any increase among EMU states.

For the first time since 3Q 2009, the majority of manufacturers in
a European Commission survey projected exports falling over the current
quarter, while a growing proportion expected their competitive position
in foreign markets to deteriorate.

Looking further ahead, The French and Italian statistics agencies
and Germany’s Ifo institute projected external demand to improve towards
the end of this year on the back of accelerating demand out of emerging
economies, thereby contributing to mild recovery in 4Q GDP following a
further slide in the third quarter.

— Frankfurt bureau: +49 69 720 142; email: frankfurt@mni-news.com —

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