EU Exports Slow To 4% In May

European Union (EU) statistical agency Eurostat said the 15 nations sharing the euro currency bought more foreign goods than they sold in May, Manufacturing.Net reports. The strong euro undermined exports and high oil prices inflated imports the report said. Euro exports grew just 4% in May from a year ago to 128.4 billion euros ($203 billion), down from April sales of 137.7 billion euros ($218 billion).

Exports to the U.S. have slumped 3% in the first four months of the year, Eurostat said. This has partly been compensated by growing trade with China, up 19% and Russia up 24%. Imports to the euro-zone grew 9% in May from the previous year to 133 billion euros ($211 billion), flattening slightly from April’s 135.2 billion euros ($214 billion) as the economy slows.

Like in the U.S., Europeans are holding back from big purchases as high fuel and food prices force them to pay more at the gas pump and supermarket. They bought only slightly more goods from the U.S., up 2% despite the weak dollar. Purchases from China grew by 4% from a year ago.