Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Eurozone back into trade deficit

BRUSSELS, Mar 18 – The eurozone flipped back into a trade deficit of 8.9 billion euros (12.1 billion dollars) in January, after posting a 4.1-billion-euro surplus in December, official data showed on Thursday.

The economy of the 16 nations that share the under-pressure euro currency posted a surplus of 22.3 billion euros for the whole of 2009, reversing a record deficit in 2008. January last year also began with a deficit, of 12.1 billion euros.

The Eurostat figures, a first estimate, also showed that the full, 27-nation European Union had a trade deficit of 22.5 billion euros, after a 2.5-billion-euro deficit in December.

Revised final figures for 2009 showed a smaller deficit for energy — 233.8 billion euros against 375.1 billion euros the previous year — and raw materials, with a lower surplus for machinery and vehicles but a higher surplus for chemicals.

EU trade flows with all major partners fell — except for China, with which exports grew by 4.0 percent, twice the initial estimate.

Exports to Russia collapsed by 37 percent compared to the corresponding period in 2008, with exports to Brazil, Turkey and the United States each falling by almost one fifth.

The EU surplus fell with the US by almost 50 percent, but the deficit with China narrowed to 133.1 billion euros, from 169.5 billion euros.

The largest surplus was to be found in the eurozone and EU\’s largest economy, Germany, at 135.8 billion euros.

Britain posted the largest deficit across the EU, at 92.6 billion euros, with France and Spain also heavily in the red.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...