Seasonally adjusted results:

April: -E2.9 billion

MNI survey median: -E2.9 billion
MNI survey range: -E4.1 bln to -E2.0 bln

(Including Estonia):

March: -E2.2 bln (revised from -E0.9 bln)
February: -E2.7 bln (revised from -E2.1 bln)
January: -E3.7 bln (revised from -E3.2 bln)
December: -E1.8 bln (revised from -E1.7 bln)
November: -E2.8 bln (unrevised)

Non-seasonally adjusted results:

April: -E4.1 billion

(Including Estonia):

March: +E1.6 bln (revised from +E2.8 bln)
February: -E3.2 bln (revised from -E1.5 bln)
January: -E16.1 bln (revised from -E16.0 bln)
December: -E1.4 bln (revised from -E1.3 bln)
November: -E2.2 bln (unrevised)
—

FRANKFURT (MNI) – The Eurozone trade deficit widened as generally
expected in April, as the pace of import growth nearly doubled that of
exports, Eurostat reported on Friday.

Taking into account downward revisions as far back as December, the
seasonally adjusted trade deficit increased to E2.9 billion, its highest
level since January.

Export growth was steady at 0.6% on the month, extending the run of
consecutive increases to four months. Imports were also up four months
in a row, accelerating to +1.1% between March and April. Compared to the
first quarter, exports were up 1.5%, roughly matching the rise in
imports.

In unadjusted terms, the trade balance fell into deficit territory
with a reading of -E4.1 billion compared to -E700 million one year
earlier. Exports plummeted 11.3% on the month, though were up 15% on the
year, while imports were down by a less pronounced 7.8% and 18% higher
on the year.

In 1Q, the energy trade deficit widened to E79.9 billion, up nearly
30% from a year ago. Over the same period, the shortfall in raw
materials nearly doubled to E11.1 billion. By comparison, the
manufactured goods trade surplus rose by just over 20% on the year to
E65.9 billion.

Noting the recovery in the global economy, the European Central
Bank expects Eurozone exports to grow “at a robust pace” in the near
term, adding that “higher foreign demand could [...] contribute more
strongly to growth than expected.”

However, recent indicators suggest that export growth could soon
ease.

The manufacturing PMI pointed to a slowdown in new export orders
growth in May, knocking the sub-indicator to a five-month low. The
slowdown in external demand was broad-based, with only Greece showing a
slight rise after eight months of declines, the PMI report added.

The European Commission has revised up its forecasts for Eurozone
GDP and expects net exports to contribute 0.7 percentage point to
overall activity this year — up from +0.5 pp initially projected but
still less than the +0.8 pp last year. The contribution would fall to
+0.2 pp in 2012, in line with the previous forecast.

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

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