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Eurozone Trade Deficit Soars Amidst Energy Woes
16 Jul
Summary
- Eurozone trade deficit widened sharply to €7.8 billion in May.
- A larger energy shortfall drove the significant deficit increase.
- Exports saw minimal growth, while imports experienced a jump.
The eurozone's trade balance recorded a substantial deficit of €7.8 billion in May, a sharp deterioration from a €15 billion surplus in May 2025. This widening shortfall was predominantly fueled by an increased energy deficit, alongside smaller surpluses in key sectors like machinery, vehicles, and chemicals.
Exports from the eurozone experienced a slowdown, with year-on-year growth falling to just 0.1% in May, down from 4.9% in April. Conversely, imports saw a considerable increase of 10.0% over the same period. On a seasonally adjusted basis, the eurozone posted a trade deficit of €5 billion in May, with imports outpacing exports.
For the first five months of 2026, the eurozone's trade surplus significantly contracted to €3.3 billion, a steep decline from €78.7 billion in the corresponding period of 2025. Exports decreased by 2.8%, while imports rose by 3.4%. The broader European Union also faced a widening trade deficit, reaching €12.1 billion in May.
