Eurozone swings to trade deficit

The eurozone's trade gap could widen further.

The eurozone swung to a trade deficit in September from a surplus a year earlier, according to initial estimates from the EU's statistics office.
The trade deficit with the rest of the world was 5.6bn euros (£4.75bn;$7.1bn) for the month, compared with a surplus of 2.9bn euros in September last year.
The trade gap narrowed from August, when the deficit stood at 9.4bn euros.
The year-on-year deterioration in the euro zone's trade balance was caused by a sharp rise in imports.
The deficit for the nine months to the end of September was 29.6bn euros. At the same time last year, the eurozone trade balance showed a surplus of 13.2bn euros.
With exports unable to keep pace with imports, the trade gap could widen further.
"We are afraid that we will see, going forward, some deterioration in the trade balance with flagging exports," said Holger Schmieding at the Bank of America.