Euro Area posts its largest trade deficit on record
The trade balance posted a deficit worth EUR 27.2bn in January 2022
Euro Area's trade balance posted a deficit worth EUR 27.2bn in January 2022, compared to a gap of EUR 4.82bn in the previous month, according to Eurostat's non-adjusted data. The January figure represents the largest deficit ever recorded.
Both imports and exports increased on an annual basis, by 44.3% y/y and 18.9% y/y, respectively.
January is the third month in a row, in which the currency block posts a trade deficit, both in terms and seasonally adjusted and non-adjusted data. The adjusted figures point to a smaller gap worth EUR 7.7bn, following a EUR 9.7bn gap in December 2021.
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Read more in the quarterly report Euro Area Economy in a Snapshot - Q1 2022