The euro zone’s trade balance recorded a record deficit in April, with imports rising due to higher energy costs, according to data published on Wednesday, 15, by the European Union’s statistics agency, Eurostat. The trade deficit for goods in the euro zone stood at 32.4 billion euros (US$ 33.75 billion), compared to a surplus of 14.9 billion euros in the same month last year.
It is the sixth consecutive month that the euro zone has registered a trade deficit in goods. The result was driven by the jump of 39.4% in the annual comparison in imports, to 256.4 billion euros.
Exports rose 12.6% to 223.9 billion euros. Imports of energy alone grew by 164.4% in the year, Eurostat said.
Adjusting for seasonal variations, the trade deficit nearly doubled to €31.7 billion in April from €17.8 billion in March.
This is a record since the beginning of Eurostat’s historical series, in 1999. In the monthly comparison, exports grew 1.5% and imports rose 7.1%.