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Energy Costs Drag Trade Deficit to Fresh Low in August

MNI (London)


  • The euro area's trade deficit grew by E6.8bln to -47.3bln in August (seasonally adjusted), implying the tenth consecutive month of deficit.
  • Exports expanded by 3.5% m/m, yet this was outpaced by the 5.5% m/m jump in imports underpinned by soaring energy costs. Imports were recorded at a hot 53.6% higher than in August 2021.
  • The ytd trade deficit with Russia had over tripled in August as gas and oil prices jumped and exports to Russia were cut. Imports from Norway jumped due to alternative gas supply and China imports expanded substantially, boosted by the base effects of 2021 lockdowns.
  • The soaring cost of imports -- particularly energy -- continues to weigh on EZ trade balances, underlining the problem the ECB has as pipeline inflation is still embedded in the system.

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