Economic Buzz: Eurozone Records Trade Deficit In Q1 2022

16 May 2022 , 03:52 PM

The first estimate for euro area exports of goods to the rest of the world in March 2022 was ?250.1 billion, an increase of 14.0% compared with March 2021(?219.3 bn). Imports from the rest of the world stood at ?266.5 bn, a rise of 35.4% compared with March 2021 (?196.8 bn), driven again, in particular, by a further increase in energy imports. As a result, the euro area recorded a ?16.4 bn deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of ?22.5 bn in March 2021. In January to March 2022, euro area exports of goods to the rest of the world rose to ?666.7 bn (an increase of 16.6% compared with January-March 2021), and imports rose to ?719.1 bn (an increase of 39.7% compared with January-March 2021). As a result, the euro area recorded a deficit of ?-52.4 bn, compared with a surplus of ?56.7 bn in January-March 2021. Powered by Commodity Insights