Eurozone trade deficit almost doubles in April

The European Union's statistics office Eurostat said the 19 countries sharing the euro recorded a trade deficit, unadjusted for seasonal swings, of 32.4 billion euros in April compared with a 16.4 billion euro deficit in March.

The euro zone's trade deficit almost doubled in April from the previous month, after an already record expansion in March, and industrial production increased over the same period, official data showed on Wednesday. The European Union's statistics office Eurostat said the 19 countries sharing the euro recorded a trade deficit, unadjusted for seasonal swings, of 32.4 billion euros in April compared with a 16.4 billion euro deficit in March. In April 2021 there was a surplus of 14.9 euros.

Adjusted for seasonal swings, the eurozone trade gap was 31.7 billion euros. Industrial production in the 19 countries increased 0.4% month-on-month but saw a 0.5% year-on-year decline.

Economists polled by Reuters had expected a 0.5% monthly rise and a 1.1% annual drop. Production of energy rose the most month-on-month by 5.4%, followed by intermediate goods by 0.7%, non-durable consumer goods by 0.4%, and durable consumer goods by 0.2% against March, while production of capital goods fell by 0.2%.

In year-on-year terms, capital goods plunged 9% in April and intermediate goods were down 0.3%, while production of energy rose by 1.5%, non-durable consumer goods by 4.7%, and durable consumer goods by 5.7%.