• Reduction in surplus mainly due to sharp decrease in surplus of machinery and vehicles, Eurostat says

ISTANBUL

The eurozone posted a €1 billion ($1.1 billion) foreign trade surplus in August, the region’s statistical bureau Eurostat said on Thursday.

The figure significantly fell from a €12.7 billion ($14.8 billion) surplus in the previous month, and came well below market forecasts of a €6.9 billion surplus.

The downturn was mainly due to a sharp decrease in the surplus of machinery and vehicles, which fell from €18 billion to €7.8 billion, Eurostat said in a statement.

The eurozone's exports to the rest of the world fell 4.7% year-on-year in August to €205.9 billion, while imports dropped 3.8% to €204.9 billion.

Meanwhile, the EU saw a foreign trade deficit of €5.8 billion in August.

The US continued to be the largest recipient of EU exports in August, with €32.9 billion, down 22.2% on an annual basis.

EU's exports to China fell 11.3% in the same period to €14.2 billion in August, and exports to the UK were down 1.2% to €25.1 billion.

China was the largest importer to the EU in August, accounting for €43 billion, down 7.1% year-on-year.

Meanwhile, imports from Türkiye dropped 4.1% in August to reach €7.2 billion.

The eurozone/euro area, or EA20, represents member states that use the bloc's single currency, the euro, while the EU27 includes all of its member countries.