European Union's Trade Deficit Exceeds 12 Billion Euros in May

The European Union (EU) recorded a trade deficit of 12.1 billion euros in May due to an increase in energy imports. According to data released by the European Statistical Office (Eurostat), the EU's exports increased by 1.1 percent to 215.7 billion euros, while imports rose by 10.8 percent to 227.8 billion euros. The EU's trade deficit stood at 12.1 billion euros in May, compared to a trade surplus of 12.7 billion euros in the same month last year. The change in the EU's trade balance was driven by an increase in the deficit in energy products and a decrease in the surplus in products such as machinery, vehicles, and chemicals. In the Eurozone, exports increased by 0.1 percent to 243.6 billion euros, while imports rose by 10 percent to 251.4 billion euros, resulting in a trade deficit of 7.8 billion euros. In May, the countries with the highest imports from EU countries were the US with 40.8 billion euros, the UK with 29.9 billion euros, Switzerland with 19.9 billion euros, China with 15.5 billion euros, and Turkey with 8.5 billion euros. The countries with the highest exports to the EU were China with 46.3 billion euros, the US with 32.9 billion euros, the UK with 14.5 billion euros, Switzerland with 12.5 billion euros, Norway with 10.2 billion euros, and Turkey with 8.5 billion euros.