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EU posts $224.3B trade surplus in 201915 February 2020

European Union's foreign trade balance saw a €200.3 billion ($224.33 billion) surplus last year, the bloc's statistical office revealed on Friday.

According to Eurostat, the trade surplus rose by 31.9% year-on-year in 2019, from €151.8 billion in 2018.

The average Euro/U.S. dollar exchange rate was 1.12 in last year, down from 1.18 in the previous year.

Exports from the EU increased by 3.5% to €2.13 trillion, while imports were €1.93 trillion, up 1.3%, in seven months on an annual basis.

Intra-EU28 trade rose 1.4% to reach €3.06 trillion year-on-year in the same period.

The U.S. was the bloc's main trade partner, with €384.4 billion imports from the union and €231.7 billion in exports.

By export volume, the U.K., China, Switzerland, and Russia followed the U.S. in the year, said Eurostat.

China was the top source of EU imports with €361.3 billion, followed by the U.S., the U.K., Russia, and Switzerland.

Country-to-country trade balances indicated that the EU incurred the largest deficit with China -- nearly €163 billion -- and the highest surplus with the U.S. -- €152.6 billion over the same period.

Meanwhile, in the same period, the eurozone posted a €225.7 billion ($252.8 billion) trade surplus, by exporting €2.34 trillion and importing €2.12 trillion.

The Eurozone/euro area or EA19 represents the member states that use the single currency, the euro.

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