{"id":2485,"date":"2016-06-21T15:46:37","date_gmt":"2016-06-21T14:46:37","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.com\/?p=2485"},"modified":"2016-06-23T09:09:49","modified_gmt":"2016-06-23T08:09:49","slug":"eurozone-trade-surplus-hits-record-high","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-trade-surplus-hits-record-high\/","title":{"rendered":"Eurozone trade surplus hits record high"},"content":{"rendered":"<p><b>CHART OF THE WEEK<\/b><\/p>\n<p><b>April\u2019s trade surplus reached a record high of 28 billion euros due to a sharp +4.9% rebound in exports. <\/b>This week\u2019s graph shows that from 1999 until 2011 the Eurozone\u2019s balance of trade with the rest of the world was relatively stable. At the end of 2011, it was close to Eurozone creation levels. Since then, <b>the trade surplus has grown continuously and currently stands at about 2.5% of GDP.<\/b><\/p>\n<p>This period of rising trade surplus can be broken down into two separate phases:<\/p>\n<ul>\n<li><b>Phase 1 from late 2011 to mid-2013: <\/b>the Eurozone crisis resulted in shrinking domestic demand and lower imports, while exports grew regularly;<\/li>\n<\/ul>\n<ul>\n<li><b>Phase 2 from mid-2013 to present: <\/b>exports continued upwards before pulling back, while import volumes sharply rebounded. However, the impact of rising volumes has been offset by a significant fall in import prices.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2484 aligncenter\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week.png\" alt=\"Chart of the week\" width=\"1085\" height=\"581\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week.png 1085w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week-300x161.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week-768x411.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week-1024x548.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/06\/Chart-of-the-week-600x321.png 600w\" sizes=\"auto, (max-width: 1085px) 100vw, 1085px\" \/><\/p>\n<p><b>OUR ANALYSIS<\/b><\/p>\n<p><b>These underlying developments explain why foreign trade has dragged somewhat on GDP growth since mid-2013 despite the nominal trade surplus figures going from strength to strength.<\/b><\/p>\n<p>As Eurozone domestic demand is likely to remain healthy, import growth volumes should also remain strong. However, with oil prices recovering, import prices are unlikely to fall further.<\/p>\n<p><b>The trade surplus should therefore gradually tail off, unless exports pick up again.<\/b><\/p>\n<p><i>The opinion expressed above is dated June 17<\/i><i>th<\/i><i>, 2016 and is liable to change.<\/i><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHART OF THE WEEK April\u2019s trade surplus reached a record high of 28 billion euros due to a sharp +4.9%&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":1471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-2485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone trade surplus hits record high &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Eurozone trade surplus hits record high Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-trade-surplus-hits-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone trade surplus hits record high &#8211; 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