Eurozone records steepest trade deficit since 2023

(Sharecast News) - The eurozone recorded its largest trade deficit in over three years in May, according to data out on Thursday from Eurostat, as export growth stalled while imports jumped. The trade balance for the single-currency region dropped to -€7.8bn during the month, down from -€1.2bn in April and well below the -€1.6bn expected by economists.

This was only the fifth time the region reported a deficit in trade in goods with the rest of the world over the past three years, and the deepest deficit since April 2023.



The eurozone exported €243.6bn of goods outside its borders in May, up just 0.1% over the year before, while imports surged 10% to €251.4bn.

The decrease in the overall trade balance mainly reflected an increased energy deficit to €30.3bn from €21.9bn a year earlier.