The Eurozone’s trade surplus narrowed to €9.9 billion in November 2025 from €15.4 billion a year earlier, below market expectations of €15.2 billion, as exports fell 3.4% while imports decreased 1.3%. In the broader EU, the trade surplus also fell to €8.1 billion from €11.8 billion. EU exports dropped 4.4% to €213.8 billion, due to lower sales of machinery & vehicles (-1.3%), chemicals (-12.8%), and food & drink (-1.6%). Exports decreased to the US (-20.3%), the UK (-6%) and China (-1.2%), but rose to Switzerland (6.7%). Meanwhile, imports fell 2.9% to €205.7 billion, mainly due to lower purchases of energy (-22.5%) and chemicals (-4.6%). On the other hand, imports rose for machinery & vehicles (3.3%). Imports from key partners fell, including the US (-7.1%), the UK (-4.7%), and Switzerland (-1.9%). However, imports from China rose 3.8%.