The eurozone’s monthly trade surplus rose to a record high of EUR 28 bn in January due to a dip in the price of energy imports and a spike in exports, The Financial Times reports. The eurozone can expect a “significant increase in net trade” in the first quarter, Pantheon Macroeconomics consultant Claus Vistesen told FT. Exports rose 2.1% m-o-m due to a rise in shipments to major markets, not including the US. The bloc recorded the largest growth in its exports to Japan, seeing a 10% rise, followed by the US at 8.5% and the UK at 2.5%. Imports into the bloc dipped 4% m-o-m, with a fall in shipments from most markets, including OPEC, Asia, and the US. The eurozone’s trade balance with China saw improvement, falling to its lowest in three years at EUR 10.6 bn, as monthly shipments from China dropped and exports from the bloc marginally grew.

Background: The bloc witnessed a trade surplus of EUR 64 bn last year, a positive jump from the record breaking EUR 335 bn trade deficit it recorded in 2022, due to a spike in natural gas and oil prices, the newswire says.

ALSO- The EU is preparing to impose tariffs on grain imported from Russia and Belarus, the FT reports, citing people with knowledge of the matter. The EU commission is expected to institute a EUR 95 per tonne duty on cereals from the two countries, with 50% tariffs likely to also be enforced on oil seeds and derived products, says the newswire. Russia’s exports to the EU of the affected produce account for 1% of overall EU consumption, reaching 4 mn tonnes last year.

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