The balance is collapsing as the cost of imported energy rises by 35%, while exports grew by only 14%
The war has led to an unprecedented commercial situation in Europe. Eurostat, the EU’s statistical office, revealed that the 19 countries sharing the euro recorded a trade deficit of 16.4 billion in March, compared to a surplus of 22.5 billion in the same month last year.
Overall, eurozone exports to the rest of the world amounted to €250.1 billion in March, 14% more than in 2021, but imports reached €266.5 billion, 35.4% more due to increased energy consumption. purchase.
This is the largest trade deficit in the Eurozone since the start of recording in 1999. This collapse of the trade balance is due to the mismatch between purchases and sales. And it is that the value of imports increased by 35.4% compared to March last year, according to data published this Monday by Eurostat, while exports grew by only 14%.
And all because of the spectacular variation in the value of energy imports: the energy trade deficit tripled in the first quarter compared to last year to 128.7 billion euros. The European Union’s trade deficit with Russia – the main energy supplier – multiplied by more than four to 45.2 billion euros in the first quarter, compared to 10.8 billion in the same period of 2021.
The trade deficit with Norway, another major energy supplier, widened to €16.9 billion in the first quarter, from €500 million in the same period last year. The trade deficit with China, Europe’s largest trading partner, nearly doubled in January-March to €91.9 billion, from €50.3 billion a year earlier.
The data shows that between January and March, Spain exported goods worth EUR 92.5 billion to the rest of the world, 22% more than in the same period last year. 60% of the turnover came from within the EU. Imports amounted to EUR 108.6 billion, 37% more than in the first quarter of 2021, with the focus on imports from outside the EU, which already account for 52% of the total.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
