The trade balance in both the eurozone and the European Union swung to a deficit in January, driven mainly by the higher imports of energy products during the month. EZU is down 2.14%, while VGK is down 1.12% premarket.
- The eurozone trade deficit was recorded at €27.2 billion, which reversed the €10.7-billion surplus in the same month last year.
- Exports of goods to the rest of the world stood at €199.5 billion, 18.9% higher than January 2021’s €167.8 billion.
- Imports increased by 44.3% to €226.7 billion from January 2021’s €157.1 billion led energy products.
- The EU trade balance stood at a €36.0-billion deficit, marking a reversal from the €8.5-billion surplus recorded in January 2021.
- Extra-EU exports increased by 19.6% to €178.2 billion, and intra-EU trade jumped by 22% to €299.6 billion.
- European Union’s imports from the rest of the world climbed by 52.4% to €214.3 billion.