|Published : 17 Mar 2017, 18:27:12|
Euro zone exports rise; trade balance in deficit
The euro zone exports rise in January while the trade balance was in deficit in early months of the year.
The euro zone recorded the trade deficit for the first time in three years as a rise in exports from a year earlier was more than offset by a larger increase of imports, statistics showed on Friday.
European Union statistics office said the 19-country currency area recorded a 0.6 billion euro ($646.4 million) deficit in January in its trade balance with states outside the bloc.
It is the first deficit, unadjusted for seasonal factors, since January 2014.
The deficits are not unusual in January, when winter demand for energy can peak and export of other products, such as food and drink, slow.
Euro zone exports grew by 13 per cent in January on the year to 163.9 billion euros, but the rise was counterbalanced by a 17 per cent increase of imports, which totalled 164.5 billion euros, unadjusted figures showed.
Compared with December, figures adjusted for seasonal factors showed a 0.6 per cent drop of exports in January and a 4.1 per cent rise of imports.
Over the whole of last year, euro zone exports to the rest of the world were stable at a volume of around 2.0 trillion euros, Eurostat data showed.
Imports went down 2.0 per cent from 2015, while trade among euro zone countries was up 1.0 per cent to a volume of 1.7 trillion euros, according to Reuters.