The eurozone recorded a trade deficit in the first month of 2003, compared with a surplus a year earlier as export growth slowed. The first estimate for eurozone trade with the rest of the world in January 2003 was a E1.5bn deficit, against a surplus of E1.0bn in January 2002, Eurostat said today. Imports to the eurozone rose 3.4pc to E83bn from a year earlier, while exports edged up just 0.25pc to E51.4bn. From December 2002, imports and exports, increased by 3.6pc and 1.0pc, respectively.
Exports slowed as goods made in the 12 nations that share the euro are now more expensive, due to the appreciation of the single currency in the past year. In January 2003, the euro was trading at around USD1.05 against the dollar, up by more than one fifth from 87c a year earlier. The statistics office also revised the December surplus to E7.4bn, compared with E8.5bn in December 2001. ///www.fxcentre.com