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Financial News: Eurozone Trade Deficit At Record High

Eurozone Trade Deficit At Record High

06/15/2022 - 06:10:00 (RTTNews)

(RTTNews) - The euro area trade deficit increased sharply to a record high in April driven by high energy prices, data from Eurostat showed on Wednesday.

The trade gap widened to EUR 31.7 billion from EUR 17.8 billion in March. This was the biggest shortfall since 1999.

Exports logged a monthly growth of 1.5 percent, following March's 1.0 percent increase. At the same time, growth in imports accelerated to 7.1 percent from 3.2 percent.

On an unadjusted basis, the trade balance showed a deficit of EUR 32.4 billion compared to a surplus of EUR 14.9 billion in the previous year.

Exports expanded 12.6 percent annually. At the same time, imports surged 39.4 percent, driven by the 164.4 percent increase in energy imports.

During January to April, the trade deficit was EUR 85.1 billion compared to a surplus of EUR 71.7 billion in the prior year.

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