One Euro coins are pictured at the Austrian national mint in Vienna
One Euro coins are pictured after being minted at the Austrian national mint in Vienna April 8, 2009. REUTERS

A swing from surplus to deficit has shocked economists as the imports to the Eurozone jumped 4.6 pct leading the trade deficit to -£3.4 billion down from +£500 million in the last month.

More of a worry is the rising euro which has gone from $1.19 to $1.30 leading economists to predict a negative trade balance - where imports are greater than exports for some time to come.

"Going forward, Eurozone exporters will be worried over the signs that global growth may be losing some momentum and they will not be pleased to see the euro trading back up near US$1.30, after dipping below US$1.19 in June." said an IHS Global Insight economist.

Exports are important to the Eurozone as it could lead a recovery in GDP - which factors in manufacturing and industrial output.

This is also a key factor for the UK's own recovery as it is one of the major trading partners towards the Eurozone - if their GDP grows then more British products could be sold abroad.

"Given the increasing pressures on domestic demand in a number of Eurozone countries that will come from fiscal tightening increasingly kicking in, healthy export growth is particularly important to future Eurozone growth prospects." IHS said.

The resulting trade deficit leaves the US, EU and UK all in minus, with slow growth in GDP, China becomes the only major trade partner though earlier this week - the giant communist country announced its growth had slowed down from 11.9 pct to 10.3.

Year-on-year trade was down from a surplus of +£2.2bn.