From €15.6B to €2.8B: Eurozone’s June trade surplus collapses under tariff pressure
The European Union’s vaunted export engine is sputtering under the combined weight of tariffs, softer demand, and eroding competitiveness. June 2025 marked a dramatic turning point: according to ING’s latest analysis, the bloc’s seasonally adjusted trade surplus collapsed to just EUR 2.8 billion, down from EUR 15.6 billion in May. Eurostat’s official, unadjusted figures tell a similar story, showing the surplus narrowing to EUR 7.0 billion in June from EUR 20.7 billion a year earlier.
Image source: https://wjjh.blog/
The headline numbers mask an even more telling shift. Exports from the single currency area rose a negligible 0.4 per cent year-on-year to EUR 237.2 billion, while imports surged by nearly 7 per cent to EUR 230.2 billion. On a monthly basis, exports contracted by 2.4 per cent, while imports rose by over 3 per cent. The sudden reversal in trade balances is proof of how tariffs are already distorting flows at a time when the eurozone can least afford it.
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