By Maria Martinez
The eurozone’s trade balance swung to a deficit in November, recording a deficit for the first time since January 2014, data from the European Union’s statistics agency, Eurostat, showed Friday.
The eurozone’s trade deficit in goods–the difference between exports and imports–stood at 1.5 billion euros ($1.72 billion) in November, sharply down from the EUR25.0 billion surplus registered the same month a year earlier.
The reading is well below economists’ forecasts, who expected a trade surplus of EUR7.0 billion, according to a FactSet poll.
The deficit was the result of the 32.0% on-year increase in imports in November outpacing the 14.4% on-year rise in exports, the data showed.
Adjusted for seasonal swings, the trade deficit was EUR1.3 billion in November compared with a EUR1.8 billion surplus in October, Eurostat said. Eurozone exports increased 3.0% compared with the previous month, while imports increased 4.5%, the data showed.
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(END) Dow Jones Newswires
January 14, 2022 05:14 ET (10:14 GMT)
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