Eurozone trade deficit hits €26.5bn in October

The Euro Area's trade deficit narrowed to €26.5bn in October, according to Eurostat, down from €37.7bn in September as rising energy prices continued to weigh on the bloc.

Imports surged by 30.7% to €279.3bn, while exports expanded at a softer 18% clip to €252.8bn.

The European Union also posted a trade deficit of €395.3bn in the first ten months of the year, compared to a surplus of €80.1bn in 2021. Imports rose by 47.7% to €2.51trnn, led by a 137.2% surge for energy products, while exports rose 18.8% to €2.11trn.

Notably, the EU's trade deficit with Russia and China widened sharply, rising to €134.6bn from €54.1bn and €336.3bn from €190.1bn, respectively.

Reporting by Iain Gilbert at Sharecast.com