- Prior -€11.7 billion
The euro area trade deficit shrunk in December and looking at the year as a whole, exports were seen up 18.0% compared to 2021 - which reflects improving trade conditions after the pandemic - but imports were seen up 37.5% - which likely reflects higher costs of energy imports amid the Russia-Ukraine conflict. In 2021, the bloc recorded a trade surplus of €116.4 billion but this turned into a €314.7 billion deficit last year.
