EU Exports to US Drop 26.4% YoY in February, Down 16.1% to China

Eurozone goods trade deteriorated sharply in February, narrowing the eurozone goods surplus to EUR 11.5B from EUR 23.1B a year earlier as exports fell -6.7% yoy to EUR 232.4B while imports fell -2.2% to EUR 220.9B. At the EU level the surplus shrank to EUR 9.1B (from EUR 22.9B), with extra‑EU exports down -9.3% yoy. Hit by sharply weaker external demand, exports to the United States plunged -26.4% yoy and shipments to China fell -16.1% even as imports from China rose 3.4%. The data point to cooling external demand and a weaker trade backdrop for the euro, a potentially bearish impulse for EURUSD and euro‑sensitive assets.