Gaza: The euro area trade surplus declined sharply in January as imports logged a notable growth, figures from Eurostat showed today. The trade surplus fell to £1 billion ($1.09 billion) in January from £10.6 billion in the same month last year. The surplus had totalled £15.4 billion in December.

According to Oman News Agency, exports increased by 3.0% annually, slightly faster than the 2.9% rise observed in December. Meanwhile, the growth in imports accelerated significantly to 7.6%, compared to an increase of 3.6% in the previous month.

Eurostat identified two product groups as the main contributors to the decrease in trade surplus. Machineries and vehicles experienced the largest decline, with figures dropping to £7.4 billion from £16.5 billion in December. Additionally, other manufactured goods transitioned to a deficit of £4.6 billion from a surplus of £1.2 billion.

On a seasonally adjusted basis, exports grew by 2.1%, while imports advanced by 2.3%. As a result, the trade surplus slightly decreased to £14.0 billion, down from £14.2 billion in December.