(Alliance News) - The eurozone goods trade surplus unexpectedly narrowed in June, amid a stark fall in the surplus in chemicals, data published by Eurostat showed Monday.

The goods surplus shrank by 58% to EUR7.0 billion in June from EUR16.5 billion in May, which was upwardly revised from EUR16.2 billion. This sharply underperformed against FXStreet-cited market expectations of an increase in the goods surplus to EUR17.5 billion in June.

The sharp decline was mostly driven by a fall in the surplus of chemicals and related products, down 38% to EUR15.1 billion in June from EUR24.4 billion in May.

Notably as well, the eurozone's goods trade surplus with the US fell 48% to EUR9.6 billion in June from the previously reported 18.4 billion in May.

Meanwhile, the eurozone's trade deficit with China widened to EUR29.5 billion in June from EUR27.5 billion in May.

Its trade surplus with the UK edged up to EUR16.5 billion in June from EUR16.4 billion in May and its surplus with Switzerland to EUR5.7 billion from EUR4.6 billion.

By Tom Budszus, Alliance News slot editor

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