Eurozone exports showed little momentum in July, as rising tariffs and subdued global growth continue to weigh on trade. On a seasonally adjusted basis, nominal exports fell by 0.1% compared to June, while imports declined slightly more at 0.8%, nudging the trade surplus up from €3.7bn to €5.3bn. Excluding the energy crisis period, this represents one of the smallest surpluses in the past decade, signalling that weak net exports are likely to dampen third-quarter economic growth.
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Exports to the United States remained stable month-on-month but below 2024 averages. Analysts note that American demand is restrained by tariffs and the earlier front-loading of European goods. The US trade deficit with the eurozone narrowed from around €15bn per month in 2024 to €9bn in July 2025. Meanwhile, exports to China continued a downward trend, reflecting broader global weakness in demand for eurozone products.
According to Bert Colijn, Chief Economist at ING Netherlands, while the manufacturing sector has recently grown more optimistic, this optimism is largely domestically driven. With US tariffs now firmly in place and global growth subdued, the export market remains a concern for the eurozone's broader economic trajectory.
Overall, the data underlines persistent external challenges for the eurozone economy, highlighting how trade frictions and slow overseas demand may restrain growth despite strong domestic activity.
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