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Financial News: Eurozone Trade Gap Highest On Record

Eurozone Trade Gap Highest On Record

09/15/2022 - 06:44:00 (RTTNews)

(RTTNews) - The euro area trade deficit widened in July to the highest level since the series began in 1999, data released by Eurostat showed on Thursday.

The trade shortfall widened to a record EUR 40.3 billion in July from EUR 32.2 billion in June.

Exports declined by adjusted 1.7 percent from June, while imports grew 1.5 percent.

On an unadjusted basis, the trade balance showed a deficit of EUR 34.0 billion compared to a surplus of EUR 20.7 billion in the same period last year.

Data showed that exports increased 13.3 percent annually, while imports logged a annual growth of increase of 44.0 percent.

In January to July period, exports of goods grew 17.9 percent. At the same time, imports rose 43.4 percent on high energy costs. As a result, the euro area recorded a deficit of EUR 177.4 billion, compared with a surplus of EUR 121.3 billion in the previous year.

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