BRUSSELS (AFP) - The 16 euro nations saw their trade balance with the rest the world deteriorate in January as exports collapsed in the face of a weak global economy, official EU data showed on Monday. The eurozone chalked up a trade deficit of 10.5 billion euros (14.3 billion dollars) in January after a shortfall of only 1.7 billion euros in December, the European Union's Eurostat data agency said in a first estimate. Data adjusted for seasonal variations showed that exports slumped by 10.7 percent over the period while imports fell by 7.3 percent. Despite the deterioration from December, the January trade gap was not as wide as the 11.1-billion-euro deficit that the eurozone recorded in January 2008. Economist Howard Archer at consultants IHS Global Insight said that the deterioration in the eurozone's trade balance showed that the effects of limp export markets were outweighing the positive impact of a weaker euro. "Extremely weak global economic activity seems certain to continue to hit Eurozone exporters very hard over the coming months, thereby contributing significantly to the region's ongoing serious economic problems," he said. The 27-nation EU also saw its trade balance slump deep into deficit in December with a trade gap of 26.3 billion euros after a shortfall of 11.0 billion euros in December 2008. In January 2008, the deficit stood at 30.3 billion euros.