First trade deficit for euro zone since 2014
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For the first time in nearly eight years, official data show a deficit in the trade balance of the euro zone recorded last November.
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Eurozone, consisting of 19 countries, last recorded trade deficit was in January 2014.
Data from the EU's statistics office Eurostat showed Friday that the euro zone's trade balance recorded a deficit of 1.5 billion euros during November 2021, compared to a surplus of 25 billion euros in November 2020, due to an increase in the cost of imported oil and gas.
According to Eurostat's preliminary estimates, imports increased by 32%, while exports' revenues only grew by 14.4%.
The trade deficit for energy in the EU soared by 68% to 241.7 billion euros from January-November, EU data showed.
Eurozone, consisting of 19 countries, last recorded trade deficit was in January 2014.
Eurostat mentioned that the bloc recorded a trade surplus of 3.6 billion euros ($4.14 billion) last October.
The data showed that intra-regional trade of the bloc rose to 204.3 billion euros in November 2021, an increase of 22.1% compared to November 2020.
The EU recorded a trade deficit of 8.3 billion euros last November, compared to a trade surplus of 24.5 billion euros in November 2020.
Imports in the Union also rose by 37.6% to 209.7 billion euros in November 2021, from 152.4 billion euros a year earlier, according to Eurostat.
