BRUSSELS (Reuters – In February, the euro zone experienced a fourth successive month of trade deficit. The surge in energy prices caused a sharp rise in imports.

Eurostat stated that there was a 7.6 billion euro non-adjusted deficit among the 19 member countries of the Euro. This compares to the 23.6 billion euro surplus in February 2021.

Payouts for imports increased by 38.8% year over year, but revenues from exports rose by just 17.0%.

Although trade in the Eurozone is not often in deficit, this month was its fourth consecutive month of negative numbers, although it was significantly lower than January’s 27.2 billion euro figure.

The euro zone had an earlier negative trade balance in Jan 2014, and the last deficit of over a month was in 2011.

According to data from 27 European Union member countries, the price of energy imported more than doubled between January and February compared with a year ago. This was in addition to significant increases for imports food and drinks, chemical and machinery.

EU trade deficits to Russia, its energy supplier, more than tripled. And the EU’s trade deficit with Norway increased from 0.1 billion euros one year ago to 10.7 million euros in Jan-Feb. China was also a major contributor to the deficit, which nearly doubled, at 60 billion euro, while it grew with South Korea, Japan, and India.

The EU and the United States of America shared surpluses.

and Switzerland.

After adjustment for seasonal swings the eurozone trade deficit was again present for the fifth month. The 9.4 billion Euro figure for February was higher than the January 7.7 billion shortfall.

To view Eurostat releases, please click here:

http://ec.europa.eu/eurostat/news/news-releases

($1 = 0.9244 euros)