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Financial News: Eurozone Trade Deficit Narrows In May

Eurozone Trade Deficit Narrows In May

07/15/2022 - 07:16:00 (RTTNews)

(RTTNews) - The euro area trade deficit decreased in May from a record-high in April, as exports grew faster than imports, data from Eurostat showed on Friday.

The seasonally adjusted trade deficit narrowed to EUR 26.0 billion in May from a revised EUR 31.8 billion in April, which was the biggest shortfall since 1999.

The trade balance also remained negative for the eighth successive month in May.

Exports climbed 4.8 percent month-on-month in May, while imports registered a slower growth of 2.0 percent.

On an unadjusted basis, the trade balance showed a deficit of EUR 26.3 billion compared to a surplus of EUR 12.0 billion in the previous year.

Exports expanded 28.0percent annually in May. At the same time, imports grew at a much faster pace of 52.0 percent.

During January to May, the trade deficit was EUR 113.0 billion compared to a surplus of EUR 83.7 billion in the prior year.

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