Eurozone Posts Biggest Trade Gap Since 2013
The Eurozone trade balance shifted to €0.6 billion deficit in January 2017 from €4.8 billion surplus in the same month of the previous year. It was the first trade gap since January of 2014 and the biggest since January of 2013. Exports increased 13 percent to €163.9 billion while imports went up at a faster 17 percent to €164.5 billion.
Meanwhile, the European Union recorded a €16.2 billion deficit in trade in goods with the rest of the world, compared with a €12.1 billion gap in January 2016.
3/17/2017 10:26:19 AM
Exports went up 16 percent to €141.2 billion from €121.4 billion a year earlier. Exports of primary goods surged 33 percent to €21.7 billion, led by an increase in sales of energy (67 percent) raw materials and (34 percent) and food and drink (11 percent). Also, manufactured goods rose 13 percent to €112.6 billion, driven by chemicals (16 percent), machinery and vehicles (15 percent) and other manufactured goods (8 percent). Among trading partners, the biggest increases in exports were reported for Russia (45 percent), the US (19 percent), China (18 percent) and South Korea (22 percent).
Imports rose 18 percent to €157.4 billion compared to €133.5 billion. Purchases of primary goods rose 10 percent to €15.3 billion, led by energy (13 percent), raw materials (4 percent) and food and drink (8 percent). Imports of manufactured goods increased 35 percent to €49 billion, driven by chemicals (60 percent), machinery and vehicles (23 percent) and other manufactured goods (5 percent). Among trading partners, the biggest increases in imports were reported for Russia (59 percent), Turkey (48 percent), South Korea (45 percent) and Switzerland (16 percent).