Europe's Trade Surplus Widens as Oil Falls, Euro- by Fergal O'Brien Gains
Europe's trade surplus widened in November as lower oil prices and the rising euro reduced the cost of energy and other imports. The surplus grew to 4.5 billion euros ($5.82 billion) from a revised 2.4 billion euros in October, on a seasonally adjusted basis, the European Union's statistics office in Luxembourg said today. Inflation in the region remained at 1.9 percent in December, according to a separate report.
Oil prices have dropped by more than a third since reaching a record $78.40 barrel in July. With petroleum products making up about 20 percent of Europe's imports, the cheaper crude may help to increase the euro area's trade position even as the rise of the euro and a U.S. economic slowdown dents export demand.
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