The rising energy costs have plunged the Eurozone into a record trade deficit with the rest of the world.
- The euro area posted a €16.4 billion deficit in trade in goods with the rest of the world in March 2022, compared with a surplus of €22.5 billion in the same month a year earlier.
- Adjusted for seasonal variations, the Eurozone trade gap widened to €17.6 billion.
- The larger EU reported a €27.7 billion deficit in trade in goods in March. In Q1, the EU reported an €18.5 billion deficit in trade in goods compared with a €48.5 billion surplus a year ago.
The surge in wholesale energy costs has driven up the cost of Europe’s energy imports by 138% in Q1 of the year, from €69.1 billion to €164.7 billion.
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