Euro area trade gap shrinks in May

ANKARA

The eurozone trade deficit shrank to €300 million ($337 million) in May, according to data released on Friday.

The gap was €30.3 billion in May 2022 and €12 billion in April 2023, the Eurostat data showed.

Euro area exports of goods to the rest of the world dropped 2.3% year-on-year to €241.9 billion in May.

Imports declined the most in more than two years, down 12.8% from a year earlier to €242.2 billion in May.

Intra-euro area trade amounted to €226.3 billion in May, falling 5.7% from the prior year.

The EU27 saw a trade deficit of €1.3 billion in April, down from €37.4 in the same month last year.

In January-May, the eurozone's overseas shipments totaled €1.18 trillion, while its imports were €1.20 trillion.

As a result, the single-currency zone recorded a deficit of €17.6 billion in the first five months of this year.