Exports as a cornerstone of euro area economic growth
Summary
- The euro area's trade surplus increased to 5.0 BEUR in July, up from 1.0 BEUR in June, driven by a 1.2% rise in exports and a 0.4% decrease in imports.
- Exports to the United States grew by 10.7% year-on-year, indicating strong US demand for European products despite tariff uncertainties.
- The data suggests that net exports could support euro area economic growth in the third quarter, following growth in the second quarter despite rising energy prices.
- Challenges remain as the energy trade deficit narrowed in July, but high oil prices and delayed gas storage could impact the trade surplus later in the year.
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Automatic translation: Originally published in Finnish 16/09/2026, 04:37 GMT. Give feedback here.
The euro area managed to increase its trade surplus, surprisingly also with the United States.
According to data released by Eurostat on Tuesday, the seasonally adjusted euro area trade surplus rose to 5.0 BEUR, compared to a surplus of just 1.0 BEUR in June. Exports grew by 1.2% from the previous month, while imports contracted by 0.4%.
Euro area exports, annual change, %
Source: LSEG
Developments were particularly strong in trade between the EU and the United States: exports to the US grew by 10.7% year-on-year. This indicates that US demand for European products has remained strong despite tariff uncertainty.
The fresh figures provide a cautious signal that net exports could support euro area economic growth also in the third quarter. Economic growth already picked up in the second quarter, despite energy prices rising as a result of the conflict between the US and Iran.
However, the energy trade deficit narrowed in July after having grown significantly earlier in the year as the Middle East crisis drove up the costs of energy imports. However, the continuation of current trends is not a given: the price of oil has returned to over 100 USD per barrel, and the filling of Europe's gas storage facilities is slightly behind schedule. These are factors that could dampen the trade surplus towards the end of the year.
