Since 2019, trade balances in the main Eurozone countries have deteriorated. This general decline is due mainly to the rise in imported commodity prices, gas and oil in particular, as a result of the upswing in demand following the health crisis and then the outbreak of war in Ukraine. Terms of trade, i.e. the ratio of the price of exports to that of imports, have worsened significantly. In addition to the decline in the energy balance, which affected all countries, France stands out because its trade surplus in transport equipment is significantly lower than before the health crisis. This is not the case in Germany, where the trade surplus in transport equipment remains high, despite production difficulties in the automobile industry. In Spain, with support from tourism, the balance of trade has recovered its pre-health crisis level, while in Italy, trade in manufactured goods remains in surplus, bolstered by textile products and capital goods. Since Q4 2022, the terms of trade have improved once again, suggesting a possible upturn in the trade balances of the main Eurozone countries...