Best viewed on a device with a bigger screen...
The EZ trade deficit narrowed in May, helped by a 4.8% month-to-month leap in exports.
The cost of EZ energy imports likely will rise further, but volumes could fall as Russia cuts off the gas.
Imports from China were still soaring in Q2, but we think they will cool soon.
deficit, depreciation, energy, energy consumption, euro, euro area, exports, france, germany, imports, inventories, manufacturing, new orders, oil, oil prices, q2, russia, trade, trade deficit, trade surplus, u.s., winter, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence