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Financial News: Eurozone Trade Deficit At 9-Month Low

Eurozone Trade Deficit At 9-Month Low

01/13/2023 - 06:38:00 (RTTNews)

(RTTNews) - The euro area trade deficit narrowed to a nine-month low in November as exports increased amid falling imports, data from Eurostat revealed Friday. The trade deficit declined to a seasonally adjusted EUR 15.2 billion from EUR 28.1 billion in October. This was the lowest since February, when the deficit totaled EUR 12.4 billion.

Exports increased 1.0 percent from October, while imports fell 3.8 percent in November.

On an unadjusted basis, the trade in goods resulted in a deficit of EUR 11.7 billion, which was bigger than last year's shortfall of EUR 3.9 billion due to high energy bills.

Compared to November 2022, exports logged a double-digit growth of 17.2 percent. At the same time, imports registered a much faster increase of 20.2 percent.

In January to November, euro area exports rose 18.9 percent from last year, and imports surged 40.5 percent. As a result, the euro area registered a deficit of EUR 305.1 billion, in contrast to a surplus of EUR 125.0 billion in the previous year.

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