Euro zone trade deficit almost doubles in April after record expansion in March

The euro zone's trade deficit almost doubled in April from the previous month, after an already record expansion in March, and industrial production increased over the same period, official data showed on Wednesday. The European Union's statistics office Eurostat said the 19 countries sharing the euro recorded a trade deficit, unadjusted for seasonal swings, of 32.4 billion euros in April compared with a 16.4 billion euro deficit in March. In April 2021 there was a surplus of 14.9 euros.

Adjusted for seasonal swings, the euro zone trade gap was 31.7 billion euros. Industrial production in the 19 countries increased 0.4% month-on-month, but saw a 0.5% year-on-year decline.

Economist polled by Reuters had expected a 0.5% monthly rise, and a 1.1% annual drop. Production of energy rose the most month-on-month by 5.4%, followed by intermediate goods by 0.7%, non-durable consumer goods by 0.4% and durable consumer goods by 0.2% against March, while production of capital goods fell by 0.2%.

In year-on-year terms, capital goods plunged 9% in April and intermediate goods were down 0.3%, while production of energy rose by 1.5%, non-durable consumer goods by 4.7% and durable consumer goods by 5.7%.