[Seoul=Newsis] Reporter Jae-Jun Lee = The eurozone trade balance recorded a deficit of €27.2 billion in January, the European Union Statistical Office announced on the 18th.
According to Makewatch and others, the EU Statistical Office reported on the same day that the eurozone trade balance in January before Russias invasion of Ukraine was in deficit for the third month in a row as imports increased significantly due to a surge in energy prices. In the same month of last year, it had a surplus of 10.7 billion euros.
Eurozone imports in January increased by 44.3% year-on-year to €226.7 billion, but exports increased by 18.9% to €1995 billion, widening the deficit from November and December last year.
Although it posted a seasonally adjusted deficit for the third month, the deficit in January was 7.7 billion euros, down from 9.7 billion euros in December 2021.
It was the first time in eight years since 2014 that the eurozone trade deficit recorded a deficit in January. It is the first consecutive loss since 2011.
By country, Germanys surplus, the largest economy, shrank by 78% compared to the same month last year, while Italy turned to a deficit.
In all 27 EU countries, the cost of importing energy products more than doubled in January compared to the same month of the previous year, and imports of raw materials, chemicals and machinery also increased significantly.
The EUs trade deficit with Russia, a major energy supplier, more than doubled to €11.9 billion.
For Norway, an oil-producing country, the deficit widened from 100 million euros a year ago to 5.8 billion euros.
Also, the trade deficit with China nearly doubled to €34 billion, and deficits in India and South Korea also increased.
However, the EU maintained a trade surplus with the US, UK and Switzerland.
