(Dow Jones) The eurozone recorded the largest trade surplus in its existence during September as exports of goods continued to rise, a fresh indication that the euro’s appreciation against other major currencies has yet to crimp economic growth.
Adjusted for seasonal patterns, eurozone exports rose 1.1% in September from August, while imports fell 1.2%, the European Union’s statistics agency said Wednesday.
As a result, exports of goods exceeded imports by €25bn ($29.3bn), up from the €21bn surplus recorded in August and the highest since records began in January 1999, when the euro was launched.
The eurozone economy is on track to record its fastest expansion in a decade, with figures released Tuesday showing gross domestic product rose at a quarter-to-quarter rate of 0.6%, the equivalent of an annualised 2.5% rise.
Central bank reduces bond purchases
In response to the strengthening and broadening of the economic recovery this year, the European Central Bank last month announced it will reduce its bond purchases from January 2018, a first step toward weaning the eurozone off its massive support.