Imports and Exports – EU Trade Deficit Widening – Economy

The eurozone’s trade deficit surprisingly widened in June. According to the statistics office Eurostat, the seasonally adjusted deficit rose by 3.6 billion to 30.8 billion euros compared to May. Economists had expected a decline. 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. Exports fell by 0.1 percent in June. 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.

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