Eurozone exports bounce back in August – ING

Bert Colijn, Senior Economist at ING, notes that the Eurozone exports increased 2.1% month-on-month on a seasonally adjusted basis in August, after a decline of 1% in July.

Key Quotes

“Imports fell slightly in August and as this data is in nominal terms, this is surprising given the higher oil price. This means that the trade surplus of the eurozone increased to €16.6 billion, roughly the same level as seen in June after a drop in July to €12.6 billion.”

“While eurozone businesses have seen confidence falter over trade tensions in recent months, it is difficult to find hard evidence for the specific effect of the trade war on actual exports data.”

“The trade outlook, therefore, remains a source of concern to the eurozone economy, which is starting to rely more heavily on domestic demand growth.”