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MNI: EUROZONE DATA: Trade Balance (Mar 2019).........>

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MNI: EUROZONE DATA: Trade Balance (Mar 2019) Review
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- Trade Bal: EUR17.9bn (sa); Prev (Feb): EUR20.6bn, revised up from EUR19.5bn
- Exports: 0.9% m/m (sa), 3.1% y/y (nsa)
- Imports: 2.5% m/m (sa), 6.0% y/y (nsa)
- As markets expected, the EZ trade surplus narrowed in Mar after five
consecutive months of expansion
- While exports rose on the month, this was outpaced by the strongest expansion
in imports since Nov 2017
- Exports rose m/m in Germany (+1.2%) & Spain (+1.1%)...
- ... while they fell in Italy (-2.0%) & France (-0.2%)
- Over Q1 as a whole, exports rose 1.2% q/q (down slightly from 1.3% in Q4)...
- ... while imports contracted by 0.8% q/q (after a 0.9% rise in Q4)
- As such, after contributing 0.2pp to GDP growth in Q4...
- ... net trade looks to have made a stronger contribution to Q1 growth, which
registered at 0.4% q/q according to Eurostat's flash estimate

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