Today’s Eurozone trade figures are a nice surprise for the embattled Eurozone. The Euro stat report shows that those economies posted a surplus in trade of up to €2.8bn in February compared to the deficit of €2.8bn at the same point last year.
The improvement is thought to have been made possible thanks to an 11% increase in Eurozone exports and a 7% reduction in imports.
The top three countries showing a strong surplus are Germany, The Netherlands and surprisingly Ireland. The worst performer was the UK with a deficit of -€11.6bn. The data confirms that Germany is the continuing powerhouse of the Eurozone with the largest surplus of an impressive €13.1bn.
All eyes continue to be on Spain and its financial difficulties which posted a trade deficit of €-3.6bn. The European Commission president Jose Manuel Barroso said earlier today that he was “absolutely confident that Spain can meet its economic challenges”.