Carsten Brzeski, head of macroeconomic research at the Internationale Nederlanden Group, said the latest trade data showed that the US policy of high tariffs had hit European exports.

Brzeski said the data released by Eurostat on the same day showed the situation of European exports after the first round of US tariff shocks. Overall, European industrial data in the first months of the year were highly volatile. This is mainly due to the fact that companies exported to the United States before the tariffs came into force and then reduced exports due to the high tariffs.

Brzesky believes that since the beginning of the year, factors such as the strengthening of the euro, US tariffs and uncertainty about the global trade outlook, combined with the fierce competition facing European exporters, may continue to drag down European exports in the future.

Eurostat data released on the same day showed that eurozone exports fell by 2.4 % month-on-month in June, imports increased by more than 3 % month-on-month and the seasonally adjusted trade surplus narrowed to €2.8 billion from €15.6 billion in May. EU exports to the United States fell by more than 10 % year-on-year in June.

CMG