Eurozone goods deficit widened in May to the biggest since January 2023 as
rising energy imports and narrower surpluses in chemicals and machinery offset
very weak export growth. Exports rose just 0.1% YoY in May while imports climbed
10% YoY; a year earlier May had a €15 bln surplus. The Jan–May cumulative trade
surplus has shrunk to €3.3 bln from €78.7 bln a year ago. Seasonally adjusted
May goods deficit was €5.0 bln. Energy was the main drag: the May energy deficit
hit €30.3 bln versus a typical €18–20 bln before the US–Iran conflict. Chemicals
and related products surplus fell to €18.4 bln from €20.5 bln in April.
Machinery and vehicles surplus narrowed to €4.4 bln from €6.3 bln.
