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Europeriphery trade in surplus for second month

Posted on Tuesday, September 18, 2012 at 10:40AM by Registered CommenterSimon Ward | CommentsPost a Comment

Good news: the combined trade balance of Greece, Ireland, Italy, Portugal and Spain moved further into surplus in July – see first chart.

Bad news: the improvement reflected a further decline in imports, probably related to slumping domestic demand, rather than a pick-up in exports – second chart.

Still, exports have held up despite a global slowdown and domestic credit constraints, while cost competitiveness is improving, promising a future gain in market share at home and abroad.

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