In November, the euro area seasonally adjusted trade balance showed a significant increase in the surplus. The trade surplus widened from an upwardly revised €0.5B to €6.1B, while only a marginal widening in the surplus was expected. The trade surplus is at the highest level since July 2004. The details show that exports rose by 2.8% M/M, posting the first increase in three months, while imports dropped by 0.6% M/M. This outcome is an encouraging sign for euro zone Q4 GDP as might ease somewhat the contraction.