In April, the euro zone seasonally adjusted trade deficit widened from a revised deficit of €2.2 billion to €2.9 billion, while the consensus was looking for a shortage of €2.7 billion. The details show that imports (1.1% M/M) rose almost twice as much as exports (0.6% M/M), probably due to the rising oil price, which peaked in April. As oil prices fell in May, this will probably ease imports, but also exports might weaken as signs are increasing that growth is slowing in the euro zone’s trading partners.