Eurozone balance of trade slides into deficit

The Eurozone balance of trade fell back into deficit in April, official data showed on Thursday.

According to Eurostat, the statistical office of the European Union, the seasonally-adjusted trade balance in April was a deficit of €7.1bn, compared to a revised surplus of €14bn in March.

Analyst had expected a smaller surplus, of around €8.5bn.

Imports jumped by 5.9% month-to-month, while exports tumbled 3.2%. There were large increases in imports from Asia – in particular China – UK and the Opec oil cartel, while exports to Switzerland, the UK and US were the biggest fallers.

Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics, said: “This headline is very difficult to square with the advance data in Germany and France, so we are a bit sceptical that these numbers will survive revisions.

“It looks as if the surge in imports from Asia has re-started, but we need more data to be sure.”