Seasonally adjusted results:

December: +E7.5 billion

November: +E6.1 bln (unrevised)
October: +E0.5 bln (unrevised)
September: +E2.2 bln (revised from +E2.5)
August: -E1.7 bln (revised from -E1.2)
July: -E3.6 bln (unrevised)

Non-seasonally adjusted results:

December: +E9.7 billion

November: +E6.3 bln (revised from +E6.9)
October: +E0.5 bln (revised from +E1.0)
September: +E2.2 bln (revised from +E2.5)
August: -E5.4 bln (revised from -E4.8)
July: +E2.1 bln (revised from +E2.4)
—

FRANKFURT (MNI) – Eurozone exports grew for the second consecutive
month in December, reaching a new record high, while imports slipped to
their lowest level since June, Eurostat reported on Wednesday.

After a 3.9% gain in November, exports rose 0.1% further in
December to E149.5 billion. Over the same period, imports came to E142.0
billion, down 0.9% from November.

As a result, the seasonally adjusted trade balance grew to +E7.5
billion, a 91-month high. For 2011 as a whole, the trade balance came to
-E7.7 billion compared to a shortfall of E14.7 billion in 2010.

Exports rose 1.3% in 4Q, while imports shrank by 2.6% in nominal
terms, suggesting a positive contribution to 4Q GDP from foreign trade
in goods.

In unadjusted terms, the trade balance jumped to +E9.7 billion, as
exports increased by 9.0% on the year, overshadowing imports’ 1.0% rise.

The unadjusted energy trade deficit over the first 11 months of
last year came to E297.9 billion, up 25.5% compared to the same period
in 2010. Trade in raw materials pointed to a deficit of E41.2 billion,
up 25.6% on the year. The surplus in manufacturing rose by nearly 26% to
E290.2 billion.

Leading indicators suggest that foreign demand is bottoming out.
The January factory PMI poll showed new exports declining further (48.2)
but at a slower pace than in 4Q. Producers polled by the European
Commission last month were more satisfied with foreign orders on hand
and looked forward to a recovery in export volumes in 1Q.

Import demand is also likely to remain sluggish for some time,
given the slump in industry activity and fiscal tightening throughout
the Eurozone, which will accentuate the dampening impact of rising
unemployment on consumption.

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

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