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Commerzbank noted that due to the sharp rise in memory chip prices in recent months, European currencies could be affected to some extent. This could deliver another terms-of-trade shock to the eurozone and Europe as a whole, in addition to the energy price shock caused by the war in Iran. Some of the countries with the largest trade deficits are eurozone members, including Italy, Portugal, and Germany. Poland, Hungary, the Czech Republic, and the UK also have trade deficits.

Data released by Japan's Ministry of Finance on Wednesday showed that Japan's export growth accelerated in March, driven by recovering demand and strong exports of semiconductors and electronic parts. Japan's total exports in March were up 11.7% YoY, higher than the revised 4% growth rate in February and exceeding the analyst forecast median of 11%. Imports were up 10.9%, higher than the previous month's 10.3%. The non-seasonally adjusted trade surplus expanded to 667 billion yen ($4.2 billion). Affected by US tariffs, Japan's exports to the US grew 3.4%. Driven by chips, electronic parts, and non-ferrous metals, Japan's exports to the EU grew 18.2% as disruptions related to the Chinese New Year holiday subsided.