Euro-zone non-seasonally-adjusted trade surplus rose from €0.1bn in Jan 2014 to €7.9bn - its strongest Jan outturn since the single currency's creation. But this was only because the 5.6% y/y fall in imports outpaced the…
Euro-zone non-seasonally-adjusted trade surplus rose from €0.1bn in Jan 2014 to €7.9bn - its strongest Jan outturn since the single currency's creation. But this was only because the 5.6% y/y fall in imports outpaced the 0.4% decline in exports.
January's euro-zone trade data suggested that the region's exports are still not benefiting substantially from the weakness of the euro.
Capital Economics notes as follows ...
Looking ahead, we expect the external sector to fare better in the coming months.
On past form, the depreciation of the euro in trade-weighted terms points to a pick-up in annual export growth to around 15% later this year. And exporters should also benefit from solid growth in the US and UK.
But today's data are a reminder that it will take time for the full effects of the currency's recent fall to be felt.
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