Eurozone Trade Balance Swings To Deficit In November

The euro area trade balance logged a deficit in November due to higher imports, data from Eurostat showed on Friday.

The trade deficit came in at a seasonally adjusted EUR 1.3 billion compared to a surplus of EUR 1.8 billion in October.

Exports grew 3 percent on a monthly basis, while imports advanced 4.5 percent in November.

On an unadjusted basis, the trade balance showed a shortfall of EUR 1.5 billion versus a surplus of EUR 25 billion in the same period last year. The last time that euro area recorded a deficit was in January 2014.

Shipments increased 14.4 percent from the last year in November. Driven by higher imports, overall imports grew 32.0 percent.

In January to November, exports of goods rose 14 percent from the previous year, and imports climbed 19.9 percent. As a result, the euro area recorded a surplus of EUR 133.5 billion, compared with EUR 205.6 billion in January-November 2020.

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