Exports in July had shown a year-on-year increase of 4.6%, while imports in that month were up 13%.

The biggest contributions to the rate of increase in exports in August came from growth in shipments of transport materials, fuels and lubricants, the latest INE report states.

Excluding fuels and lubricants, exports were up 12.4% and imports 14.7%, and the trade deficit was €1.054 billion, €201 million larger than in August of 2016.