The euro area imported €16.1 billion more goods from outside the currency union than it exported there in August, according to the first estimate. A year earlier the gap was €1.7 billion. The wider deficit was not caused by a collapse in exports: their value rose 9.9% year on year, while the value of imports increased 16.7%.
The figures measure trade in euros. A more expensive energy cargo raises the import bill even if the volume delivered does not change. Similarly, a different product mix can change the value of exports without a corresponding change in the number of units shipped. Price and volume indices would help separate those effects.
The boundary of the measure also matters. Services such as software development, consulting and travel do not enter the goods balance. To assess the currency area’s overall current transactions with the rest of the world, the other components of the current account must be considered as well.