The eurozone’s trade surplus grew year-on-year in May in a sign net trade made a positive contribution to economic growth in the second quarter, the EU’s Statistics Office data showed yesterday.

The external trade surplus of the 18 countries sharing the euro, unadjusted for seasonal swings, was €15.4 billion in May, up from €14.6 billion in the same period of 2013, the data showed.

Analysts polled by Reuters had expected a €16.5 billion surplus compared with the originally reported surplus of €15.7 billion in April, which was revised down to €15.4 billion.

The eurozone’s economic recovery, which relies heavily on exports, is sensitive to swings in demand for eurozone goods and the relative strength of the euro currency has not made life easier for exporters.

The European Central Bank president Mario Draghi said on Monday that any further appreciation of the single currency could stall the recovery.

Non-seasonally adjusted exports and imports were unchanged year-on-year in May. Month-on-month and adjusted for seasonal factors, exports increased 0.6 percent and imports grew 0.5 per cent, both showing the first increase in three months.

The trade surplus in the first five months of the year widened to €62.5 billion from €55.4 billion in the same period of 2013.

Exports to Russia, the eurozone’s fourth biggest trade partner, fell 13 per cent on the year in the first four months of the year, while exports to the bloc’s top three business partners – UK, the US and China – were up.

Germany, the eurozone’s main export country, saw exports rising 2 per cent on the year in the January-April period and imports growing 3 per cent.

The southern periphery saw export activity stalling, with Spain and Portugal showing no growth in exports in the first four months and Greece reporting a fall of 8 per cent on the year.

Trade deficits in all three countries widened in the January-April period.