Rising energy prices pushed the euro zone’s trade deficit to its highest level in 13 years, as heavy reliance on gas imports left its economy exposed to the potential fallout from the war in Ukraine.
The bloc’s trade deficit – the difference between exports and imports – widened from 1.8 billion euros (1.5 billion pounds) at the end of last November to 9.7 billion euros at the end of December 2021, the highest level since 2008, according to “Eurostat” data reported by Bloomberg.
The value of imports in the euro area amounted to 221.9 billion euros last December, compared to 215.3 billion euros in the previous month, while exports fell to 212.2 billion euros from 213.5 billion euros.
The eurozone recorded a trade surplus of 128.4 billion euros at the end of 2021, compared to a surplus of 233.9 billion euros in 2020.
