# Implications of the terms-of-trade deterioration for real income and the current account

> An ECB Economic Bulletin analysis says euro area energy import values rose sharply after energy prices surged from the second half of 2021, pushing energy imports more than 40% above pre-pandemic levels. The terms of trade deteriorated, reducing real income and weighing on the current account.

- Date: 2022-04-25 · published 2022-04-25T12:00:00.000Z
- Category: macro · region Euro area · magnitude low
- Page: https://feedsoft.ai/events/42064-implications-of-the-terms-of-trade-deterioration-for-real-income-and-the
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Higher energy import costs squeeze euro area purchasing power and raise the cost of energy-linked inputs such as fuel and fertiliser. This sustains upward pressure on feed production costs in the region.

## Read by commodity

- BRENT: bullish ▲
- NATGAS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-08-26 | [Interest rates: US dollar sinks as traders position for rate cuts by the Federal Reserve](https://feedsoft.ai/events/28691-interest-rates-us-dollar-sinks-as-traders-position-for-rate-cuts-by-the-federal.md) | -0.2% | -5.6% |
| BRENT | 2021-05-11 | [Commodity currencies hold advantage as dollar waits for inflation and Fed \| Reuters](https://feedsoft.ai/events/47003-commodity-currencies-hold-advantage-as-dollar-waits-for-inflation-and-fed.md) | +1.6% | +4.9% |
| BRENT | 2017-06-30 | [Canadian Dollar Exchange Rates Boosted As GDP Comes In On Forecast And Oil Boosts The CAD](https://feedsoft.ai/events/70739-canadian-dollar-exchange-rates-boosted-as-gdp-comes-in-on-forecast-and-oil.md) | +2.3% | +8.2% |
| BRENT | 2025-07-28 | [Oil rises 2% on US-EU trade deal, Trump's shorter deadline for Russia](https://feedsoft.ai/events/23924-oil-rises-2-on-us-eu-trade-deal-trump-s-shorter-deadline-for-russia.md) | +1.9% | -1.2% |
| BRENT | 2022-01-31 | [Euro Jumps Ahead of EU GDP and German CPI as US Dollar Pauses. Where to for EUR/USD? \| Forex trading, free forex education \| Forex.ca](https://feedsoft.ai/events/43342-euro-jumps-ahead-of-eu-gdp-and-german-cpi-as-us-dollar-pauses-where-to-for-eur.md) | +4.7% | +8.3% |
| NATGAS | 2021-10-20 | [The Global Energy Crisis: Implications of Record High Natural Gas Prices - Center on Global Energy Policy at Columbia University SIPA \| CGEP](https://feedsoft.ai/events/44767-the-global-energy-crisis-implications-of-record-high-natural-gas-prices-center.md) | +15.9% | +4.0% |
| NATGAS | 2021-09-30 | [Why are gas prices on the rise and what does this mean for Singapore? - CNA](https://feedsoft.ai/events/45222-why-are-gas-prices-on-the-rise-and-what-does-this-mean-for-singapore-cna.md) | +4.2% | +8.1% |
| NATGAS | 2023-07-26 | [The increase in the price of oil led to an increase in the prices of gas and nitrogen fertilizers](https://feedsoft.ai/events/7009-the-increase-in-the-price-of-oil-led-to-an-increase-in-the-prices-of-gas-and.md) | -6.3% | -4.6% |

## Sources

- ecb.europa.eu: https://www.ecb.europa.eu/press/economic-bulletin/focus/2022/html/ecb.ebbox202203_01~a3fe116ba1.en.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.