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Euro Area Posts Trade Deficit for Third Consecutive Month as Energy Costs Surge


The eurozone’s trade balance falls into deficit for the third straight month in January as rising energy prices led to a sharp increase in the value of imports.

Source: eurostat

Euro Stoxx 50 down -1.11%, EUR USD down -1.29%

Eurostat stated that the non-adjusted trade deficit of the 19 countries sharing a single currency was 27.2 billion euros ($30.1 billion) compared with a 10.7 billion euro surplus a year ago.

Payments for imports rose by 44.3% year-on-year as revenues from exports expanded by only 18.9%.

Euro area trade has rarely reported a shortfall, but this was the third straight month of deficit and a significantly larger figure in the prior two months.

The eurozone last reported a negative trade balance in January 2014 and last struggled with deficits of over one month in 2011.

Germany’s trade surplus dropped by 78% from January 2021. France’s deficit worsened as Italy plunged to a deficit from a surplus. EU maintained a surplus with the United States, Britain and Switzerland.



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