Seasonally adjusted results:

July preliminary: -E2.5 billion

MNI survey median: -E2.3 billion
MNI survey range: -E3.9 bln to +E1.4 bln

June revision: -E2.5 bln (-E1.6 bln)
May revision: -E1.2 bln (-E0.8 bln)
April revision: -E2.8 bln (-E2.5 bln)
March: -E1.4 bln (unrevised)
February: -E2.3 bln (unrevised)

Non-seasonally adjusted results:

July preliminary: +E4.3 billion

June revision: +E0.1 bln (+E0.9 bln)
May revision: -E0.5 bln (+E0.2 bln)
April revision: -E4.7 bln (-E5.0 bln)
March revision: +E1.7 bln (unrevised)
February revision: -E2.8 bln (unrevised)

FRANKFURT (MNI) – The Eurozone’s trade deficit stabilized in July
at E2.5 billion in seasonally adjusted terms, with exports growing
slightly faster than imports, Eurostat reported on Friday.

After falling 5.0% in June, exports rose 2.0% in July to E141.3
billion. Imports recovered 1.9% to E143.8 billion after a 4.1% downturn
in June. Compared to the second quarter average, exports were still down
1.1% and imports down 0.8%.

Without adjusting for seasonal trends, the trade surplus increased
from E100 million in June to E4.3 billion in July. Exports were up 5% on
the year and imports up 6%.

The energy trade deficit for the first half of the year amounted to
a non-adjusted E158.5 billion, up 24.5% from the same period a year
earlier. Trade in raw materials for the first six months showed a
deficit of E23.4 billion versus -E15.3 billion in the 2010 period. The
manufacturing goods surplus increased 22.3% on the year to E144.0
billion.

Recent indicators show that demand from abroad has started to wane.
In its September monthly bulletin, the ECB said available survey-based
evidence is consistent with a moderation in euro area trade in the
second half of the year.

The August manufacturing PMI showed new export orders declining for
the second month in a row at the fastest pace since June 2009. Falling
export sales were seen in all nations except Greece and Ireland, with
Germany showing the steepest decline.

The European Commission’s survey showed that manufacturers expect a
marked decline in export volumes in 3Q. Their assessment of export order
books, while still buoyed by comfortable backlogs, has eroded sharply
over the past four months.

At the same time, sluggish domestic demand should dampen Eurozone
import growth in the months ahead. While ongoing price increases for
many commodities will continue to weigh, demand and supply prospects for
the oil market suggest that prices could moderate going forward.

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

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