French Trade Minister Christine Lagarde welcomed a narrowing in France's trade deficit on Friday but said the impact of a surging euro would start to show up in the data in the months to come.
It was one of the first indications that euro zone policymakers are keeping an eye on the impact that the single currency's recent rise to one-year highs against the dollar might have on their exporters' competitiveness.
"We will see the effects of a strong euro later," she told Reuters on the sidelines of a conference. "There's always a gap between the rise of a currency rate and the effects on trade movements."
Lagarde was speaking after data showed that France's trade deficit with the rest of the world narrowed unexpectedly in March, falling to 1.957 billion euros ($2.52 billion) from a revised 2.186 billion euros in February.
"I am very happy with the results we have obtained," she said. "These are extremely positive figures."
The strong surge in the value of the euro against the dollar in recent weeks has fuelled concern among European exporters that they will face growing pressure as the price of their goods rises in foreign currency terms against goods billed in dollars.