Data from the Eurostat showed that in January the trade deficit rose to 30.6 billion euros compared to 8.8 billion euros in December. The January value was the highest since September 2022. Exports of goods increased by 11.0% per annum, to 222.9 billion euros, while imports of goods rose by 9.7% per annum, to 253.5 billion euros. Meanwhile, intra-euro area trade rose by 11.6% compared to January 2022, to 223.8 billion euros.
According to the report, In January to December 2022, exports of goods increased by 18% per annum, to 2868.4 billion euros, and imports increased by 37.7% per annum, to 3201.9 billion euros. As a result, the trade deficit amounted to 333.5 billion euros compared to a surplus of 105.3 billion euros in January-December 2021. As for the intra-euro area trade, it grew by 24.7% compared with January-December 2021, to 2764.3 billion euros.
The data also showed that in January to December 2022, extra-EU exports of goods rose by 17.9% per annum, to 2572.3 billion euros, and imports rose by 41.3% per annum, to 3004.4 billion euros. As a result, the EU recorded a deficit of 432.1 billion euros, compared with a surplus of 55 billion euros in January-December 2021. Intra-EU trade rose to 4 227.3 billion euros in January-December 2022, +22.8% compared with January-December 2021.