The eurozone economy recorded a trade deficit for the fourth consecutive month, as the jump in energy prices led to a sharp increase in the value of imports.
In particular, according to Eurostat, the non-adjusted trade deficit of the 19 countries of the common euro exchange rate amounted to 7.6 billion euros, compared to the surplus of 23.6 billion euros recorded a year earlier in February 2021.
Payments for imports increased by 38.8% on an annual basis, while revenues from exports increased by only 17.0%.
According to Reuters, the eurozone has a rare trade deficit, but has now completed four consecutive months, although at much lower levels now than in January at 27.2 billion euros.
Prior to last November, the eurozone had a negative trade balance since January 2014, while the last time it showed deficits in consecutive months was in 2011.
Figures for the European Union of 27 showed that the cost of energy imports more than doubled in January and February compared to the previous year, with significant increases also in imports of food and beverages, raw materials, chemicals and machinery.
The EU’s trade deficit with Russia, a major energy supplier, more than tripled to € 25.2 billion, compared with just € 0.1 billion last year to € 10.7 billion last year. billion in January-February.
At the same time, the EU deficit almost doubled with China to around € 60 billion and also widened with India, Japan and South Korea.
The EU, however, maintained its trade surpluses with the United States, Britain and Switzerland.
Source: Capital
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