Euro Area Goods Trade Deficit Doubles In Eleven Months of 2022

  • The Euro Area goods trade deficit expanded sharply in the first eleven months of 2022 after energy prices soared and imports rose at a faster pace than exports.

    The Euro Area trade deficit in November surged after imports rose at a faster pace than exports, Eurostat said in its latest monthly report. 

    Exports rose 17.2% to €264.7 billion and imports advanced 20.2% to €276.3 billion from a year ago. 

    The November trade deficit expanded to €11.7 billion from €3.9 billion a year ago.  

    Trade deficit contracted sharply from €26.5 billion shortfall in October after imports fell €3 billion from €279.3 billion in October.  

    Intra-euro area trade rose 16.8% from a year ago to €241.5 billion in November. 

    In the first eleven months to November 2022, exports soared 18.9% to €2.68 trillion and imports soared 40% to €2.94 trillion resulting in a goods trade deficit of  €305.1 billion compared to a surplus of €125 billion in the period a year ago. 

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