Eurozone trade deficit narrows in August

The eurozone recorded an external trade deficit of 3.4 billion euros ($4.7 billion) in August, an improvement from the same month last year, official figures showed on Friday. The 17-nation single currency area had posted a deficit of 6.3 billion euros in August 2010, according to Eurostat data agency. Exports rose by 4.7 percent and imports were up 2.7 percent in August compared to July on a seasonally-adjusted basis. The eurozone enjoyed a trade surplus of 2.5 billion euros in July, the statistics office said. The trade balance of the 27-nation European Union was again in the red in August, with a deficit of 17.8 billion euros. It had stood at 19.2 billion euros in August 2010. EU exports rose by 2.9 percent and imports by 3.2 percent in August compared to July. The bloc posted a trade deficit of 9.0 billion euros in July.