The eurozone’s trade deficit surprisingly widened in June. The seasonally adjusted deficit rose by 3.6 billion to 30.8 billion euros compared to May, the statistics office Eurostat announced on Tuesday in Luxembourg. Economists, on the other hand, had expected the deficit to fall to 22.0 billion euros. In April, at 32.3 billion euros, by far the highest foreign trade deficit in the currency area’s existence was recorded.
Significantly increasing imports and weakening exports are weighing on the trade balance. In June, for example, exports fell by an adjusted 0.1 percent. Imports, on the other hand, increased by 1.3 percent. Recently, energy imports had risen particularly sharply, a consequence of the sharp rise in energy prices due to the Ukraine war. In addition, exports are being burdened by the tough corona policy in China and the weakening global economy.
The balance of trade is the difference between exports and imports. In the past, the euro zone usually had a surplus in foreign trade. (dpa)
