May 16, 2022 09:00 GMT
EUROZONE MARCH TRADE BALANCE -€16.4BLN; MARCH 2021 +€22.5BLN
- Eurozone March trade balance fell further into the red, coming in at -€16.4bln, which is €38.9bln less than March last year.
- Despite exports to the rest of the world up by 14.0% y/y, imports were up 35.4% y/y, once again driven by increased energy imports as energy price pressures intensified substantially due to sanctions imposed on Russia in March.
- The EU saw an even greater March deficit of €27.7bln.
- The upcoming 1000 BST European Commission Spring forecast will likely see downwards growth revisions with energy prices and acute supply chain disruptions due to the Ukraine war in the forefront.