The eurozone’s monthly trade surplus rose to a record high at the start of the year thanks to a sharp drop in the price of energy imports and an uptick in exports.
The balance of trade in goods for the single currency zone reached a surplus of €28bn in January on a seasonally and calendar-adjusted basis, its highest level since the EU’s statistics agency Eurostat started tracking the data in 2002.
The rebound — reflecting a similar improvement in Germany’s balance of trade — is good news for the European economy as it underlines how the huge terms of trade shock caused by Russia’s invasion of Ukraine is being unwound.
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