Imports dent eurozone trade surplus

The eurozone’s trade surplus shrank in August as the stronger euro fuelled an import boom that was only partly offset by a rise in exports, official estimates showed yesterday.

Although the euro has depreciated against the dollar from a 2017 peak in early September, it is still up more than 12% this year. Cheaper imports have complicated the ECB’s plans to raise inflation in the eurozone.

The European statistics office Eurostat said the 19-country currency bloc’s surplus in goods trade dropped to €16.1bn in August from €23.2bn in July. It was also lower than in August 2016 when it stood at €17.5bn.