(CEP News) Frankfurt - The euro zone trade deficit widened beyond expectations in January, Eurostat reported on Monday.

According to the statistics office, the euro zone trade deficit grew to €10.5 billion in January, more than the expected -€9.0 billion figure and adding to December's deficit of €1.7 billion, which was revised up from a deficit reading of €700 million.

In seasonally adjusted terms, the trade deficit expanded to €5.5 billion in January, up from both the €1.9 billion deficit forecast and December's €1.7 billion deficit level. Meanwhile, December's figure was revised up from a deficit of €300 million previously announced.

Exports within the euro zone contracted 10.7% - more than the declines from the previous two months combined. Meanwhile, imports fell 7.4% between December and January.

Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca