Rising energy bills primary factor in trade gap, according to Eurostat
The Euro area’s goods trade balance saw a deficit of €16.4 billion ($17 billion) in March due to a further rise in imported energy bills, the EU’s statistical office reported on Monday.
The March figure deteriorated from a surplus of €22.5 billion in the same month of last year.
Exports of goods to the rest of the world rose 14% year-on-year to €250.1 billion, while imports from the rest of the world surged 35.4% to €266.5 billion, according to Eurostat data.
Intra-euro area trade rose to €236.8 billion in the month, rising 21.2% from the same period last year.
The EU’s foreign trade balance had a €27.7 billion ($29 billion) deficit in March, from a surplus of €18.7 billion a year ago.
The first estimate for extra-EU exports of goods in March was €220.5 billion, up by 12.8% from March 2021, while imports from the rest of the world stood at €248.2 billion, surging by 40.4% on an annual basis.