According to the report from Eurostat, in November, the volume of eurozone exports amounted to 225.1 billion euros, an increase of 14.4% per annum, while imports increased by 32% per annum, to 226.6 billion euros, amid an increase in the cost of energy imports. As a result, the eurozone recorded a trade deficit of 1.5 million euros compared to a surplus of 3.6 billion euro in October. The last time the deficit was recorded was in January 2014.
The data also showed that from the beginning of 2021 (to November), exports of goods from the eurozone increased by 14% per annum, to 2,215.0 billion euros, while imports increased by 19.9% per annum, to 2,081.4 billion euros. Against this background, the trade surplus amounted to 133.5 billion euros compared to +205.6 billion euros in January-November 2020.
Eurostat also reported that in November, exports of goods by the European Union amounted to 201.4 billion euros (+13.8% per annum), while imports increased by 37.6% per annum, to 209.7 billion euros. As a result, the European Union recorded a trade deficit of 8.3 billion euros compared to +24.5 billion euros in November 2020.