BRUSSELS (Reuters) – The euro zone’s trade surplus with the rest of the world declined in July from a year earlier, data released by the European Union’s statistics office showed on Thursday, as imports grew at a faster rate than exports.

Eurostat stated that the Eurozone’s trade surplus unadjusted with the rest the world dropped to 20.7 Billion Euros ($24.4 Billon) in July, from 26.8Billion euros in July 2020.

The surplus in the first seven months 2021, however, was comfortable higher at 122.4 billion euro, compared to 112.8 billion euros between Jan and July 2020.

The euro zone trade surplus rose to 13.4billion euros in July after a 1.0% increase in exports and 0.3% more imports.

Non-seasonally adjusted data from the European Union revealed a decrease in trade surpluses in July as well as in the Jan-July time period compared to a year prior. This bloc is both a large importer of raw materials like oil and chemicals as well as a significant exporter, including machinery and cars.

While the European Union’s deficit in trade with China increased, its surplus with Britain (and the United States) grew over the first seven month of 2021.

Britain has left the EU, and exports rose 6.2%, while imports declined 17.1%. Eurostat, however, has been calculating trade with Britain differently from the beginning of the year.

Imports of goods from countries other than Britain that have an origin are treated differently from imports from Britain.

For Eurostat release, click on:

http://ec.europa.eu/eurostat/news/news-releases

($1 = 0.8493 euros)