The international trade in goods surplus of the EU28 in July 2016 was a mere EUR 100 million due to a steep drop in exports and a significant increase in imports, show data from the EU's statistical office Eurostat.
The July drop in the international trade surplus from EUR 3 billion in June was due to a 1.3% drop in commodity exports and a 0.8% increase in commodity imports on the month.
The euro area, too, saw a steep monthly drop in commodity exports, of 1.1%, while imports increased 1.4% which made the international trade surplus slide to EUR 20 billion from 23.8 billion in June.
Malta's commodity exports in July more than doubled in comparison to June. Malta was followed by Cyprus and Greece, which saw increases of 40% and 25.2% compared to June.
According to Eurostat's seasonally adjusted data, Croatia's commodity exports in July dropped 10.2% from June.
Greece saw the highest monthly increase in commodity imports, of 22%, followed by France and Estonia, with increases of 13.4% and 12.3% respectively.
Croatia's commodity imports in July grew 10.2%.
Commodity exports in the EU dropped on the year by 13%, to EUR 142 billion. Imports dropped by 8% to EUR 138.2 billion, putting the surplus in commodity trade with the rest of the world at a mere EUR 3.8 billion, as against 12.7 billion in July 2015.
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