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

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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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