Euro area sees record-high trade deficit of $30.1B in January

By Tuba Sahin

ANKARA (AA) – Euro area trade balance registered a record high deficit of €27.2 billion ($30.1 billion) in January due to a surge in imported energy bills, Eurostat announced on Friday.

The figure deteriorated from a surplus of €10.7 billion in the same month of last year.

Exports amounted to €199.5 billion in January, an increase of 18.9% from a year ago, while imports from the rest of the world stood at €226.7 billion, jumping 44.3% as energy imports more than doubled, according to the EU's statistical office.

Data showed that the EU’s foreign trade balance saw a €36.0 billion ($400 billion) deficit in the month, versus a surplus of €8.5 billion in January 2021.

The first estimate for extra-EU exports of goods in January was €178.2 billion, up by 19.6% compared to a year ago, while imports from the rest of the world stood at €214.3 billion, growing by 52.4%.

The extra-EU imports of energy soared 133% year-on-year to €49.2 billion in January.