Euro Area Balance of Trade

The Eurozone posted a trade deficit of EUR 1.5 billion in November 2021, the first gap since January 2014, amid a fast-recovering global demand, rising energy prices and the euro's weakness. Imports jumped 32% to an all-time high, mainly boosted by purchases of mineral fuels, lubricants and related materials (168.5%), manufactured goods (16.6%) such as chemicals and related products, and other manufactured goods (27.8%). Among major trade partners, imports rose from China (35.4%), the US (25.2%), Russia (123.3%), Switzerland (26.3%), and Norway (235.3%), but fell from the UK (-3.6%). Exports rose at a slower 14.4%, also hitting a record high, driven by sales of mineral fuels, lubricants and related materials (123.4%), manufactured goods (10.4%), food and live animals (9.8%) and other manufactured goods (14.9%). Exports were up to the US (15.5%) and Switzerland (14.2%), but declined to the UK (-3.8%) and China (-1.8%).