Eurozone trade deficit reaches 7.8 billion euros in May, marking the largest gap since April 2023

⑴ In May, the eurozone posted a trade deficit of 7.8 billion euros, compared to a surplus of 15 billion euros in the same period last year, far exceeding market expectations for a deficit of 1.6 billion euros and marking the largest monthly trade gap since April 2023. ⑵ Goods exports rose only slightly by 0.1% to 243.6 billion euros, while imports jumped 10% to 251.4 billion euros. ⑶ The latest data show a deterioration of nearly 23 billion euros compared to the same period last year, mainly due to a widening energy deficit and reduced surpluses in machinery vehicles, chemicals, and related products. ⑷ In the first five months of this year, the eurozone's trade surplus narrowed sharply to 3.3 billion euros from 78.7 billion euros in the same period last year.