Eurostat, the statistical office of the European Union (EU), announced on Friday that Eurozone's exports dropped by 6.2 percent y-o-y to EUR193.3 billion in March, while its imports plunged 10.1 percent y-o-y to EUR165.0 billion. As a result, the Eurozone recorded a EUR28.2 billion surplus in trade in goods with the rest of the world in March, compared with a surplus of EUR23.7 billion in the previous month and EUR22.7 billion in March 2019.

The report noted that the COVID-19 containment measures widely introduced by the Member States had a significant impact on international trade in goods in March.

In the first quarter of 2020, Eurozone exports of goods reduced 1.8 percent y-o-y to EUR566.0 billion, while its imports fell 4.1 percent y-o-y to EUR512.3 billion, resulting in a surplus of EUR53.7 billion compared with a EUR41.7-billion surplus in the first quarter of 2019.