Euro area sees 2nd largest trade gap in July on energy

By Tuba Sahin

ANKARA (AA) – Euro zone trade balance posted a deficit of €34 billion ($34 billion) in July, the second-largest on record, due to surging costs of imported energy, official data revealed on Thursday.

The figure grew from a €25.4 billion gap in June, while it deteriorated from a trade surplus of €20.7 billion in July 2021, according to the EU's statistical office Eurostat.

The 19 countries sharing the euro recorded a trade gap for the ninth month in a row, with all-time high seen in April with €34.2 billion.

Eurozone's exports of goods to the rest of the world rose 13.3% year-on-year to €235.5 billion in July, while imports from the rest of the world soared 44% to €269.5 billion in the same period.

Intra-euro area trade rose to €224.8 billion in July, by 24.0% from a year ago.

The EU’s foreign trade balance had a €42.3 billion deficit in July compared to a surplus of €15.6 billion in the same month last year.

The first estimate for extra-EU exports of goods in May was €211.6 billion, up 12.8% year-on-year, while imports from the rest of the world stood at €253.8 billion, surging 47.6%.

In January-July, euro area recorded a trade deficit of €177.4 billion, compared with a surplus of €121.3 billion last year.