Eurozone trade gap narrows

The eurozone’s non-adjusted trade deficit narrowed year-on-year in January as exports increased five times faster than imports, signalling rising external demand but still muted domestic consumption. The deficit of the 16-country area totalled €8.9bn (£7.9bn) in January, down from €12.1bn a year earlier as exports rose five per cent year-on-year and imports only one per cent, the European Union statistics office said.