The eurozone announced a trade deficit for the fifth consecutive month in March, as rising energy prices due to the war in Ukraine increased the value of imports, according to data from the European Union’s statistical office.
The eurozone trade deficit stood at 16.4 billion euros in March, compared with a surplus of 22.5 billion euros a year ago.
Imports rose 35.4% year-on-year in March, higher than the 14% year-on-year increase in exports.
Adjusted for seasonal changes, the trade deficit stood at 17.6 billion euros in March, compared to a deficit of 11.3 billion euros in February, the highest level since data began in 1999.
Eurozone exports increased 0.9% compared to the previous month, while imports increased 3.5%.
Data for the European Union as a whole showed that the trade deficit for energy increased sharply to 128.7 billion euros in the first quarter, compared to 48 billion euros in the same period last year.