Eurozone trade deficit widens in November on energy costs

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Eurozone trade deficit widens in November on energy costs

Aerial view from a container terminal in the port of Hamburg, Germany on November 14, 2019. BRUSSELS, Jan 14, Reuters -- The euro zone swung to a small trade deficit in November from a large surplus 12 months earlier because of a surge in the cost of imported oil and gas, according to data from the European Union's statistics office on Friday.

Eurostat said that the non-adjusted trade deficit of the 19 countries sharing the euro was 1.5 billion euro 1.7 billion compared to a 25.0 billion euro surplus in November 2020. Payments for imports increased by 32.0%, while revenues from exports increased by only 14.4%.

The trade deficit for energy increased by 68% to 241.7 billion euro in the January-November period, according to the data for the whole 27 nation European Union.

During the same period, the EU's trade deficit with Russia, which supplies a third of Europe's oil and 40% of its natural gas, was more than four times higher at 60.4 billion euro from 13.7 billion in January-November 2020.

The euro zone trade deficit was 1.3 billion euros in November after a 1.8 billion euro surplus in October, adjusted for seasonal swings.