The eurozone recorded a small trade deficit in November from a high surplus 12 months earlier due to rising costs of imported oil and gas, according to data from the European Union’s statistical office released on Friday.
According to Reuters, Eurostat announced that the non-adjusted trade deficit of the 19 countries sharing the euro was 1.5 billion euros ($ 1.7 billion) compared to a surplus of 25 billion in November 2020. Payments for imports increased by 32.0%, while export earnings increased by only 14.4%.
Data for all 27 countries of the European Union showed that the trade deficit for energy increased by 68% to 241.7 billion euros in January-November.
At the same time, the EU’s trade deficit with Russia, which supplies a third of Europe’s oil and 40% of its natural gas, more than quadrupled to € 60.4 billion from € 13.7 billion in January-November 2020. .
Adjusted for seasonal fluctuations, the eurozone trade deficit was 1.3 billion euros in November from a surplus of 1.8 billion euros in October.
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Source From: Capital
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