Euro Area: Smaller trade gap in February, imports from Russia up by 112% y/y

The Euro Area posted a trade deficit worth EUR 7.6bn in February, narrowing the gap from January, which was EUR 27.3bn and the largest on record, according to non-adjusted data. This is the fourth month in a row with a trade deficit.

The seasonally and working-day adjusted figures point to a deficit of EUR 9.4bn compared to a trade gap worth EUR 7.7bn. This is the fifth straight month with a trade gap.

The non-adjusted exports' annual growth slowed down to 17% y/y in February following a 19.6% y/y growth rate in the previous month.

The imports followed a similar trend, slowing down to 38.8% y/y compared to 45.1% y/y in January.

Euro Area imported goods worth EUR 16.2bn from Russia in February, making it its third biggest export partner during that month. This is yet another record high level and a 111.7% y/y increase.

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