The euro zone trade balance posted a deficit for the third consecutive month in January

Eurostate said the unadjusted trade deficit of the 19 eurozone member states was 27.2 billion euros ($30.1 billion), compared to a surplus of 10.7 billion euros in January 2021. On an annual basis, import payments increased by 44.3% while revenue from exports grew by only 18.9%, Germany's trade surplus declined by 78% compared to January 2021 and France's deficit worsened while Italy turned from surplus to deficit.

Data for the 27-nation European Union showed that the cost of energy products imports more than doubled in January compared to the same period last year, and the trade deficit between the European Union and energy supplier Russia more than doubled to 11.9 billion euros.