Because of a rise in the cost of imported oil and gas, the Eurozone's trade surplus switched to a minor deficit in November from a substantial surplus a year earlier, according to data released by the European Union's statistics office Eurostat on Friday.
In November 2021, the first estimate for Eurozone goods exports to the rest of the world was 225.1 billion euros, up 14.4% from November 2020 ($196.7 billion). Imports from other countries totalled 226.6 billion euros, up 32.0% from November 2020 (€171.7 billion).
From January to November 2021, Eurozone goods exports to the rest of the world totalled 2,215.0 billion euros (up 14% from January to November 2020), while imports totalled 2,081.4 billion euros (up 19.9% compared with January-November 2020). As a result, the Eurozone had a surplus of 133.5 billion euros, compared to +205.6 billion euros in January-November 2020.
The non-adjusted trade deficit of the 19 Eurozone nations was 1.5 billion euros ($1.7 billion), according to Eurostat, compared to a 25.0 billion euro surplus in November 2020.
The energy trade deficit increased by 68% to 241.7 billion euros in the January-November period, according to data for the whole 27-nation European Union.
During the same period, the EU's trade deficit with Russia, which supplies a third of Europe's oil and 40% of its natural gas, grew to 60.4 billion euros, four times higher and up from 13.7 billion euros in January-November 2020.
After adjusting for seasonal variations, the Eurozone trade deficit in November was 1.3 billion euros, after a 1.8 billion euro surplus in October.